German, Swedish, Chinese, Russian, Japanese, Italian and French ECAs support Yamal LNG project

(Kyiv Post, Moscow, 21 April 2017) The German and Swedish export credit agencies have decided to take part in the Yamal LNG project, Novatek CEO Leonid Mikhelson said during the annual general meeting of shareholders. The cost of the project is $27 billion. Yamal LNG has signed credit agreements for the equivalent of $12 billion with China Development Bank (CDB) and the Export and Import Bank of China (CEXIM), and the equivalent of $4 billion with Gazprombank and Sberbank. The Japan Bank for International Cooperation (JBIC) will provide €200 million, and Italian bank Intesa Sanpaolo will provide €750 million under coverage from Italian export credit agency Sace and France’s Coface (amounting to €350 million. In addition, Yamal LNG received the equivalent of $2.4 billion from Russia’s National Welfare Fund (NWF). WWF Russia in 2015 noted that the situations on Sakhalin Island, the Yamal Peninsula fields (and, apparently, in the Gydansky Peninsula in future) failed to comply with Item 8.4 of the Environmental Standards for Operations of Oil and Gas Companies Acting in Russia developed in 2004 by non-governmental nature conservation organizations.