Yamal LNG Project on Track Despite Sanctions

Russia's Yamal LNG project, slated to produce 16.5 million tonnes of frozen gas from 2018, will be launched on time despite Western sanctions, the head of project's operator, Russia's Novatek (NVTK.ME), said on Thursday.

Leonid Mikhelson also said the company and other shareholders in the project, including France's Total and China's CNPC, will have to rely more on its own capital to finance the project because of the sanctions.

(Reporting by Vladimir Soldatkin, editing by Thomas Grove)