Novatek, CNPC and Chinese banks have signed a memorandum of

financing "Yamal LNG"

Moscow. September 10. Novatek , company CNPC and a consortium of Chinese banks have signed a memorandum on the financing of the project "Yamal LNG"Providing for the construction of a liquefied natural gas on the Yamal Peninsula, said the Russian company.

The amount of funding is not specified.

 According to the memorandum, the China Development Bank (CDB), Industrial and Commercial Bank of China (ICBC), Bank of China (BoC) and China Construction Bank (CCB) will consider the opportunity to actively participate in the transaction on the external project financing "Yamal LNG," the report says. The final agreement will be signed at the same time with all the creditors involved in project financing, including international export credit agencies, foreign and domestic banks and other financial institutions.

Novatek and China’s CNPC signed an agreement on September 5 for the sale of 20% stake in the project "Yamal LNG". The transaction is expected to close before December 1, 2013 China has committed itself to assist in attracting external funding for the project from Chinese financial institutions. The agreement also provided for the conclusion of NOVATEK’s long-term contract for the supply of LNG to China in the amount of not less than 3 million tons of LNG per year. It is reportedRIA "Novosti".

Novatek’s partner "Yamal LNG" is also a French Total, which owns 20% of the project. Chapter and co-owner of Novatek Leonid Michelson said that the company, in addition to the agreement c CNPC, discussing the possibility of selling another 9% in the project "Yamal LNG" and is in talks with companies in Asia-Pacific region.

"Yamal LNG" is implementing a project for the construction of a liquefied natural gas capacity of 16.5 million tons per year in the resource base of the South Tambey field. The project also provides for the establishment of a seaport in the town of Sabetta, construction ice-class tanker fleet. The first tanker from the port is supposed to send to 2016

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