France Extends State Guarantees for Russian Yamal LNG Project - Economy Minister

13:45 GMT, 17 December 2018

PARIS (Sputnik) - France has decided to extend the state guarantees for the Yamal liquefied natural gas (LNG) project prolonging the period of loan return, French Economy Minister Bruno Le Maire said Monday.

Sputnik

"I have decided that the state guarantee mechanism will be applied to ensure the risks associated with this project in order to show how highly we value this project… [The decision has been taken] to offer longer period for credit return… As for the state guarantees, the guarantees of the French state to the Yamal project, all participants of the project have asked for it. It is a big success," the minister said after meeting with Russian Economic Development Minister Maxim Oreshkin.

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About a year ago, Russia's Novatek natural gas producer, having a share in Yamal LNG, said that the first batch of gas from the facility had been sold to PETRONAS LNG UK Limited, a subsidiary of Malaysia's state oil and gas company Petroliam Nasional Berhad (Petronas).

The project comprises natural gas production, liquefaction, and shipping. The facility is a joint project of Russia's Novatek, Total, China National Petroleum Corporation, and the Silk Road Fund, which hold 50.1, 20, 20, and 9.9 percent of the shares in the project, respectively.