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Russia's Yamal LNG gets 750 mln euros in credit line from Intesa
December 12, 2016 / 11:44 AM / 9 months ago

Russia's Yamal LNG gets 750 mln euros in credit line from Intesa

MOSCOW, Dec 12 (Reuters) - Russia’s Yamal LNG project, which aims to start producing liquefied natural gas next year, said on Monday it had obtained a 14.5-year credit line worth 750 million euros ($796 million)from Intesa Sanpaolo bank.

The loan pays an annual interest rate of 6-month EURIBOR plus 2.5 percent, while the Italian export credit agency SACE and the French export credit agency COFACE provide an insurance coverage.

The $27 billion Yamal LNG project got $12 billion in loans from Chinese banks in April.

Yamal LNG, the world’s most northerly project of its kind, is located beyond the Arctic circle. The gas, frozen at a temperature of around minus 160 Celsius (minus 320 Fahrenheit), will be shipped to global markets including China.

Russia’s Novatek holds 50.1 percent of Yamal LNG. France’s Total and China National Petroleum Corp control 20 percent each while China’s Silk Road Fund owns 9.9 percent. ($1 = 0.9426 euros) (Reporting by Vladimir Soldatkin; editing by Polina Devitt)

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