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To Thank China Yalmar Project Plans To Issue The First Cargo To PetroChina
Nov 09, 2017

To thank China for its support, the Yamal LNG project in Russia plans to ship the first products to China. It is reported that CNPC will be the first recipient of the project's products. Mark Gyetvay, the major shareholder of the project, the deputy CEO of Novatek PJSC of Russia, said at a conference call on Thursday that "it is obviously very symbolic" . But he did not specify the specific delivery date.

Gyetvay said, "We believe the first shipment of LNG cargoes should be accepted by CNPC, which is their recognition of their contribution to the project and the importance of the Asia Pacific market as a key consumer market."

Yamal project size reached 27 billion U.S. dollars, after the U.S. sanctions against Novatek have caused people's concerns about the progress of the project. After PetroChina purchased a 20% stake in the project, Chinese banks agreed last year to provide $ 12 billion for the project. Silk Road Fund holds 9.9%.

According to previous public reports, the Yamal project is a major project actively promoted in the Arctic region in Russia. 1.3 trillion cubic meters of natural gas and 60.184 million tons of condensate oil have been proved. It is expected to be fully operational in 2019 and will produce 16.5 million tons of liquefaction Natural gas, 1 million tons condensate.