Novatek May Secure $5 Billion From ECAs For Russian Arctic Project

(, Moscow, 13 April 2015) Russian energy firm OAO Novatek (NVTK.MZ) may secure $5 billion from export credit agencies for its $27-billion natural-gas project in the Russian Arctic by mid-year, according to the company's chief executive, Interfax news agency reported Monday. Financing for the project has been hampered by U.S. sanctions imposed against Novatek as a result of Russia's actions in Ukraine. Novatek Chief Executive Leonid Mikhelson and Patrick Pouyanne, head of Total SA (TOT) which is Novatek's partner on the Yamal LNG project with a 20% stake, said on Monday they were optimistic about the project's financing and that intentions expressed by the export agencies are valued at $5 billion.