Total, CNPC provide 276 mln euro for Yamal LNG
MOSCOW. Dec 28 (Interfax) - Yamal LNG is beginning a private share placement in favor of the foreign shareholders, French Total and Chinese CNPC (each with a 20% stake), Yamal LNG reported.
The company is placing 572 shares at 482,285.86 euro each or a total of 275.9 million euro. Total and CNPC will each receive 286 shares.
Novatek , which received a loan of 730 million euro from Silk Road Fund Co Ltd (SRF) in December, has already transferred the bulk of the proceeds to Yamal LNG.
The Yamal LNG project involves the construction of a gas liquefaction plant with capacity for 5.5 million tonnes a year, supplied with gas from the Yuzhno-Tambeiskoye field.
Novatek currently owns a 60% stake and Total and CNPC have 20% each. Novatek has agreed a deal to sell a 9.9% interest to SRF, reducing its stake to 50.1%.