ST PETERSBURG May 24 Gennady Timchenko, a major
shareholder in Russia's Novatek, a partner in the
Yamal Liquefied Natural Gas project, said on Saturday that the
project's financing may be settled in the rouble and the Chinese
Novatek, Russia's second-largest gas producer, is developing
the $27 billion Yamal LNG project with France's Total
and China's CNPC. The first production unit, with annual
capacity of 5.5 million tonnes, is due to be launched in 2017.
"We're now borrowing money (for the Yamal LNG), based on
dollars, and what will we refinance in? I think in the yuan and
the rouble," Timchenko told journalists on the sidelines of the
St Petersburg International Economic Forum.
He also said that his investment vehicle, Volga Group, will
invest in China's LNG storage and pipeline assets.
(Reporting by Denis Pinchuk; Writing by Lidia Kelly, editing by