AsiaCorporate

Novatek says Yamal LNG debt service guarantees removed

By LNG Prime Staff
Novatek says Yamal LNG debt service guarantees removed
Image: Novatek

Russia‘s Novatek said Thursday the debt service guarantees for its Yamal LNG development were formally removed after the firm completed all the conditions stipulated by the project’s external bank financing.

Novatek’s chief executive and Russian billionaire Leonid Mikhelson said this marks another significant milestone on Yamal LNG.

“The removal of the guarantees will allow Novatek to attract external financing for its new projects on more favorable terms, and equally important, removes the restrictions on our dividend payout ratio,” Mikhelson said.

Yamal LNG is building a 17.4 mtpa LNG export plant comprising of three trains of 5.5 mtpa, each.

Additionally, the project is constructing a smaller LNG train of 900,000 tons per year capacity.

The first LNG train started production in the fourth quarter of 2017. Novatek launched trains 2 and 3 in July 2018 and November 2018, respectively.

Yamal LNG shareholders include Novatek (50.1%), France’s Total (20%), China’s CNPC (20%), and the Silk Road Fund (9.9%).

Most Popular

Contracts and Tenders

Venture Global seals new deals to support expansion of its power network

US LNG exporter Venture Global has entered into power and grid frame agreements with GE Vernova and Baker Hughes for up to 16 new, 720 MW power island units and associated power transformer equipment, supporting the continued expansion of its existing behind-the-meter, industrial power network that is not reliant on the grid.
LNG Terminals

Venture Global gets approval to place first Plaquemines LNG phase in service

Venture Global’s Plaquemines LNG has secured approval from the US FERC to place Phase 1 of its LNG export plant in Louisiana into service.
Vessels

MISC orders five more LNG carriers in China

Malaysian shipping firm MISC has officially signed a shipbuilding deal with China’s Hudong-Zhonghua for five additional newbuild 174,000-cbm liquefied natural gas (LNG) carriers, which will serve a 20-year charter with a unit of MISC’s parent, Petronas.

More News Like This

Corporate

Novatek’s gas sales down in Q3

Russian LNG exporter Novatek reported lower natural gas sales, including LNG, in the third quarter this year than in the same period last year.
LNG Terminals

PV Gas in LNG supply talks with Novatek

Petrovietnam Gas, a unit of state-owned Petrovietnam, is in talks with Russian producer Novatek to buy liquefied natural gas (LNG) from the latter as part of its plans to diversify its LNG supply sources.
LNG Terminals

Russian LNG production up 13.7 percent in January-August

Russian liquefied natural gas (LNG) production rose 13.7 percent in January-August this year, according to the Russian statistics agency Rosstat.
Vessels

Arctic LNG 2 seeks $1 billion from Hanwha Ocean over terminated LNG carrier orders

Novatek-led Arctic LNG 2 is seeking approximately $1 billion in damages from South Korean shipbuilder Hanwha Ocean over terminated shipbuilding contracts for Arc7 ice-class LNG tankers.