Press Releases and Events
NOVATEK, CNPC and Chinese banks conclude memorandum on project financing for Yamal LNG
Moscow, 10 September 2013. Today, OAO NOVATEK, China National Petroleum Corporation and a consortium of Chinese financial institutions concluded a memorandum on project financing for the Yamal LNG project.
According to the memorandum, the Chinese commercial banks – China Development Bank Corporation, Industrial and Commercial Bank of China, Bank of China and China Construction Bank, – will consider actively participating in the external project financing transaction of Yamal LNG project.
Final documentation with the Chinese commercial banks will be executed simultaneously with all of the other lenders participating in project financing of Yamal LNG, including, but not limited to, foreign export credit agencies, international and Russian commercial banks and other financial institutions.
Yamal LNG project envisages the construction of an LNG plant with annual capacity of 16.5 million tons per annum based on the feedstock resources of the South-Tambeyskoye field. According to the PRMS reserve standards the proven and probable reserves of the South-Tambeyskoye field as of 31 December 2012 were appraised at 907 billion cubic meters of natural gas. The Project also requires the construction of transport infrastructure including a sea port and an airport located at Sabetta (north-east of the Yamal Peninsula).
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company’s subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation.
CNPC is China's largest oil and gas producer and supplier, and respected contractor in engineering services and construction.