April 21, 2016 / 11:50 AM / 4 years ago

China's CNPC: Russia's Yamal LNG to get loans of around $10 billion

MOSCOW, April 21 (Reuters) - Russia’s Yamal LNG project, which is expected to start producing liquefied natural gas next year, will receive around $10 billion in loans from Chinese banks in May, an official at China National Petroleum Corp (CNPC) said on Thursday.

“It has been almost decided, the talks with the banks are underway,” CNPC’s First Vice President Wang Zhongcai told reporters in Moscow.

Russia’s Novatek holds 50.1 percent in Yamal LNG; France’s Total and CNPC control 20 percent each; and China’s Silk Road Fund bought a 9.9 percent stake for 1.09 billion euros ($1.2 billion) last month.

$1 = 0.8838 euros Reporting by Olesya Astakhova; Writing by Vladimir Soldatkin; Editing by Andrew Osborn

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