Related Articles
Forward article link
Share PDF with colleagues

Novatek still bullish on Yamal LNG prospect

Cut off from Western financing, the Russian gas firm is relying on Chinese and Russian backers to fund its export project

Western sanctions on Russia have made progress more difficult at Yamal LNG, Novatek’s liquefied natural gas project on the northern peninsula. But Mark Gyetvay, the firm’s chief financial officer, says he remains hopeful that financing will be concluded for the $27bn development and that production from the plant will start in the second half of 2017.  “We underestimated the difficulties, given the sanctions environment, for closing some of the financing, particularly where it relates to Western banks. But, at the same time, it hasn’t really delayed the project, because the shareholders have continued to make investments,” Gyetvay told Petroleum Economist in an interview in Florence. Yamal

Also in this section
Nigeria's election hangs over energy sector
19 April 2018
Africa's biggest economy is growing again. But next year's vote is stalling reform and investment in its crucial energy sector
Syria: ruthless business as usual
18 April 2018
The joint US-UK-French strikes on chemicals targets in Syria won’t affect the war—but they could damage Trump's image in the region
Elections a new rupture point in Venezuela crisis
16 April 2018
A Maduro loss in May's election could be a turning point, but recovery will be lengthy