February 22, 2017 / 2:29 PM / in 9 months

Russia's Novatek says no need to borrow more for Yamal LNG project

MOSCOW, Feb 22 (Reuters) - 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)

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