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    Atlas Petroleum, partners advance Venus oil discovery offshore Equatorial Guinea

    DeepOcean charters offshore support vessel to strengthen customers oil and gas, renewables assets

    DeepOcean charters offshore support vessel to strengthen customers oil and gas, renewables assets

    Carbon+Intel - DNV and energy majors launch JIP to develop low-pressure CO2 transport by ships

    MicroSeismic wins second Department of Energy grant for carbon capture and storage services

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    LR green lights Rotoboost’s pre-combustion carbon capture system

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    German Energy Regulator Does Not Dwarf Tough Road Ahead

    North Sea Hydrogen Pipelines Have A Huge Potential- Study

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    Russian Tax Overhaul Looks To Offset Oil Firms Revenue Dip

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

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    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

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    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    bp and Oman form strategic partnership to progress significant renewable energy and hydrogen development

    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

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    bp looks to further developments at Tangguh with PSC extension

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    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

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    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

  • Market Reports
    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

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    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

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    Aramco announces second quarter and half-year 2021 results

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Novatek signs agreement to sell stake in Yamal LNG project in Russia

Yuvraj_ong by Yuvraj_ong
December 22, 2015
in Downstream, Europe, News
0

Natural gas producer Novatek has signed an agreement to sell a 9.9% equity stake in the $27bn Yamal LNG project in Russia to China’s Silk Road Fund (SRF).

Under the agreement, SRF will provide a 15-year loan of about €730m to Novatek to finance the project which is currently at the active construction stage.

Yamal LNG will involve construction of an LNG plant with three trains which will have total capacity of 16.5 million tonnes of LNG per year.

The project developed by JSC Yamal LNG will also involve construction of a seaport, airport as well as a power plant.

“The signing of the binding agreements for the sale of an equity stake in Yamal LNG is another important step in the execution of our long-term development strategy.”

Novatek management board chairman Leonid Mikhelson said: “The signing of the binding agreements for the sale of an equity stake in Yamal LNG is another important step in the execution of our long-term development strategy.

“With the closure of this transaction we will achieve the appropriate target shareholder structure, which will contribute to the planned financing of the project and further facilitate its successful implementation.”

SRF president Wang Yanzhi said: “We are pleased to sign the definitive agreements to enter the Yamal LNG project, which is progressing on schedule and is widely viewed as sustainable due to its high-quality conventional reserve base and long-term contracts for almost 100% of its sales volumes.”

The closure of the transaction is subject to certain changes to the agreement between Russia and China.

The $40bn medium- to long-term investment and development fund SRF was established in Beijing in December 2014.

It makes outbound investment by acquiring equity stakes and providing debt financing.

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