Second Tranche from Russian Fund for Yamal LNG Moved to Q3

Posted by Michelle Howard June 18, 2015

Russia's Novatek (NVTK.ME)-led Yamal LNG project is expected to get a second tranche from the state's National Wealth Fund in the quarter, Russian Deputy Economy Minister Nikolai Podguzov told reporters on Thursday.

Novatek has won approval from the government to receive a total of 150 billion roubles ($2.8 billion) for its Yamal LNG project. It will be split on two equal tranches and the second tranche had been expected to come in the second quarter.

Yamal LNG needs a total investment of $27 billion, with the bulk expected to come from Chinese banks.

(Reporting by Gleb Stolyarov)