Russia's 19.8 Mt/year Arctic LNG 2 project secures loans worth US$10.8bn
The Arctic LNG 2 plant has signed loan agreements with foreign and Russian banks worth €9.5bn (US$10.8bn), securing necessary external financing for the project. Chinese financial institutions, including the China Development Bank and the Export-Import Bank of China, have signed credit facility agreements totalling up to €2.5bn (US$2.8bn). Financial institutions from the OECD member countries including the Japan Bank for International Cooperation (JBIC) and other lenders insured by export credit agencies have signed credit facility agreements totalling up to €2.5bn (US$2.8bn). Finally, the financing to be provided by the syndicate of Russian banks will total €4.5bn (US$5.1bn).
The 19.8 Mt/year Arctic LNG 2 project is owned by Novatek (60%), Total, CNOOC, CNPC and Japan Arctic LNG (10% each). The export plant will consist of three liquefaction trains of 6.6 Mt/year capacity each. The first train should be commissioned in 2023, while trains 2 and 3 are expected to enter commercial operation in 2024 and 2025, respectively. The LNG production will be allocated to the project's shareholders, in proportion to their respective ownership stakes in the project.
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