MOSCOW Feb 22 Russia's largest private gas
producer Novatek has no need to increase borrowing as
it has sufficient funds for investments into its Yamal LNG
project, the company's management said on Wednesday.
At a conference call with analysts, Novatek's chief
executive Leonid Mikhelson said his company has already invested
$22 billion in Yamal LNG after securing borrowing on both global
and domestic markets.
He said Yamal LNG, a project to build Russia's second gas
liquefaction plant, will receive another $6 billion in
investment this year.
Novatek's chief financial officer Mark Gyetvay, who was on
the same call, said that the overall capital investment of
Novatek is seen at 40 billion roubles ($689.42 million) in 2017.
($1 = 58.0200 roubles)
(Reporting by Denis Pinchuk; Writing by Andrey Ostroukh;
editing by Aleksandar Vasovic)