NOVATEK plans to sell 50% of product from Yamal LNG after final investment decision
ST. PETERSBURG. June 26. (Interfax) - Gas major NOVATEK has held negotiations with potential buyers of liquefied natural gas (LNG) to be produced under the Yamal LNG project, and it plans to sign contracts to sell 50% of that product after a final investment decision is made.
NOVATEK's co-owner and CEO Leonid Mikhelson told journalists on the sidelines of the St. Petersburg International Economic Forum that "after an investment decision is made and before project financing is opened, we plan to sign contracts with customers and contract roughly 50% of gas from the Yamal LNG project."
He added that "the signing of contracts with customers will help us open project financing."
"Societe Generale, Gazprombank and Sberbank of Russia have been selected as financial consultants. Within a year after the investment decision is made, we plan to agree with the banks on opening project financing. At the end of 2013 or beginning of 2014, we will already be able to receive funds in the context of project financing," Mikhelson said.
