18 Feb 2021 16:57

Novatek expects to raise $11 bln for Arctic LNG 2; Russian, Chinese, Japanese, EU banks interested

MOSCOW. Feb 18 (Interfax) - Novatek expects to raise a final $11 billion of financing for the Arctic LNG 2 project by the end of the first half of 2021, CFO Mark Gyetvay said on a conference call.

He said Russian, Chinese, Japanese and European banks were interested in financing the project.

The $21.3 billion Arctic LNG 2 project envisages construction of three trains for liquefied natural gas production with capacity of 6.6 million tonnes of LNG each using gravity-based structures. Gas will be produced at the Utrenneye field.

The first train should be launched in 2023, the second in 2024 and third in 2026.

Novatek owns 60% of the project. France's Total , China National Petroleum Corporation (CNPC), CNOOC and the consortium of Mitsui & Co. and Japan Oil, Gas and Metals National Corporation (JOGMEC)) each hold 10% stakes in the project.