OREANDA-NEWS. In the course of Russian President Vladimir Putin’s official visit to China, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the China Banking Corporation, Gazprombank (Open Joint Stock Company) and OJSC Yamal LNG signed a Memorandum on Arranging Financing of the Yamal LNG project.

Under the Memorandum, the parties agreed to make efforts to open project financing in the 4th quarter of 2014.

The China Banking Corporation is to act as a general coordinator with Chinese financing institutions. It is expected that credit facilities to fund this project will be raised for a tenure of up to 15 years from Chinese banks.

The Yamal LNG project provides for the construction of a liquefied natural gas plant (LNG) with a capacity of 16.5 million tons of LNG per year on the resource base of South-Tambeisk gas field. The project is being implemented by OJSC Yamal LNG, the shareholders of which are OJSC NOVATEK (60%), Total (20%), CNPC (20%).