Chinese banks may finance Novatek's Yamal LNG
MOSCOW, Sept 10
MOSCOW, Sept 10 (Reuters) - Russia's largest independent gas producer Novatek said on Tuesday that it, China National Petroleum Corp (CNPC) and a consortium of Chinese banks had signed a memorandum on project financing for its Yamal LNG plant.
China Development Bank Corporation, Industrial and Commercial Bank of China, Bank of China and China Construction Bank will consider actively participating in the external project financing transaction.
Novatek did not give details, adding in a statement that other financial institutions, including Russian ones, could support the project. Total costs were previously estimated at $20 billion.
Yamal LNG, which is being developed by Novatek, France's Total and China's CNPC, is scheduled to start producing LNG in 2016 with a view to supplying 16.5 million tonnes of the tanker-shipped fuel by 2018. (Reporting by Katya Golubkova; Editing by Douglas Busvine)