Novatek can still figure on European loans
Oct 25, 2016 11:06 am
Italian Intesa Sanpaolo can mediate in Russia’s Yamal LNG financing
Italy’s Intesa Sanpaolo can serve as an agent for Yamal LNG project financing, reports Russian newspaper Kommersant citing Chairman of the bank’s board of directors Antonio Fallico.
According to Mr Fallico Russian liquefied natural gas project can expect to get up to USD200 million loan. Even though it is a small amount of money in the framework of the all project and its largest shareholder Novatek could do even without the loan, it is important as it proves that Russian Novatek can receive European loans.
The Yamal LNG project initially envisaged financing from Amerian and European banks and financing agencies as it was supposed to use equipment from the US and the EU. However, in 2014, Western sanctions were placed upon Novatek which barred the project from using long-term dollar-denominated loans
In July, Patrick Puyang, CEO of Tota, a shareholder of Yamal LNG (20%), said that bondholders were to continue searching for international credit agencies to attract missing funds. According to him, there were already USD18.4 billion attracted so fare out of initially planned 20 billion.
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