Chinese banks to invest over $10bn in Siberian LNG project

World

Russia’s largest independent natural gas producer Novatek is in talks with Chinese banks to get over $10 billion for its Yamal liquid natural gas (LNG) project, according to the company’s key owner Gennady Timchenko.

He added the total investment of Chinese banks is expected to be over $10 billion.

Timchenko said the issue will be discussed in detail during the forthcoming visit of Russian President Vladimir Putin to China.

 The Yamal project includes the construction of a plant capable of producing 16.5 million tons of LNG per year. The deposit located in the Northeast Siberian Yamal peninsula has potential gas reserves of more than 900 billion cubic meters.

The total cost of the project is $26.9 billion. The first stage of the plant is expected to be opened by 2017.

RT

Maher Taki

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