Yamal LNG financing plan being adapted to sanctions; project proceeding 'satisfactorily' - Total
MOSCOW. Oct 29 (Interfax) - Sanctions against Russia have forced the participants in the Yamal LNG project to modify the project's financing plan, although the project is proceeding satisfactorily, French Total said in notes to the consolidated third quarter accounts.
U.S. sanctions targeting Novatek and companies in which it owns an interest of at least 50% prohibit U.S. persons from dealing in financial operations involving new long-term debt with maturity of more than 90 days. "Consequently, the use of the U.S. dollar for such financing is effectively prohibited," Total said.
The Yamal LNG financing plan is being adapted to this new situation. "In parallel, the development of the project is progressing in a satisfactory manner," it said.
Total continues to monitor the possible impacts of the different economic sanctions adopted by the U.S and the EU on all of its activities in Russia, the company said. Total "is filing the requests for prior authorizations required by EU restrictive measures concerning the sale, supply, transfer or export of certain technologies, as well as the technical assistance, brokering services, financing and financial assistance related to such technologies," it said.
