Novatek says Yamal LNG project on track despite sanctions

MOSCOW, July 31 Thu Jul 31, 2014 10:07am EDT

MOSCOW, July 31 (Reuters) - Russia's Yamal LNG project, slated to produce 16.5 million tonnes of frozen gas from 2018, will be launched on time despite Western sanctions, the head of project's operator, Russia's Novatek, said on Thursday.

Leonid Mikhelson also said the company and other shareholders in the project, including France's Total and China's CNPC, will have to rely more on its own capital to finance the project because of the sanctions. (Reporting by Vladimir Soldatkin, editing by Thomas Grove)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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