Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Novatek says Japan, China may boost Arctic LNG 2 funding as EU cools

09/03/2021 | 05:48am EDT

VLADIVOSTOK, Russia, Sept 3 (Reuters) - Japanese and Chinese banks may provide more funding for Russia's Arctic LNG 2 project amid a lack of support from European governments, Leonid Mikhelson, head of the project's major shareholder Novatek , said on Friday.

Shareholders in Russia's Novatek this year approved external financing of $11 billion for the Arctic LNG 2 project, which is expected to start production of liquefied natural gas (LNG) in 2023. A document seen by Reuters last year said that could include about $1 billion from France and Germany.

A group of mostly Green Party lawmakers from the European Parliament in May urged the leaders of Germany, France and Italy not to support the project due to climate change concerns.

"We have (European) partners in place, while we don't see support from the governments of these partners," he said. "We have credit lines open for the third of the total financing from the Russian banks. We can raise it from a third to 60%."

Chinese and Japanese banks may provide the rest of the financing, Mikhelson added.

Mikhelson also said Russia-made equipment designed for the fourth line of the existing Yamal LNG plant was not working properly due to technological failures.

Novatek announced the launch of the line earlier in June, saying it still needed some fine-tuning.

The company has also decided to reconfigure its Obsky LNG project to produce ammonia, hydrogen and methanol. Mikhelson said Novatek may invite Japanese and European companies into the project. (Reporting by Vladimir Soldatkin Editing by Mark Potter)


© Reuters 2021
Latest news "Economy & Forex"
05:36pFed Chair Powell may need to sell millions in bonds under new rules
RE
05:35pEU leaders lock horns over response to energy price spike
RE
05:33pThe WSJ Dollar Index Rises 0.17% to 88.17 -- Data Talk
DJ
05:33pEuro Lost 0.21% to $1.1627 -- Data Talk
DJ
05:33pSterling Lost 0.22% to $1.3794 -- Data Talk
DJ
05:33pDollar Lost 0.28% to 114.00 Yen -- Data Talk
DJ
05:32pManchin does not see Democratic agreement on Biden's social bill 'anytime soon'
RE
05:30pDogecoin Lost 4.47% to $0.244 at 5 p.m. ET -- Data Talk
DJ
05:30pEthereum Lost 0.46% to $4089.19 at 5 p.m. ET -- Data Talk
DJ
05:30pBitcoin Lost 4.95% to $62707.43 at 5 p.m. ET -- Data Talk
DJ
Latest news "Economy & Forex"