Vnesheconombank extends guarantee as a security for NOVATEK company’s obligation
As part of supporting exports, Vnesheconombank extended a guarantee for an amount equivalent to 3 billion US dollars as a security for OJSC NOVATEK company’s obligation to service OJSC Yamal LNG’s debt to creditors of a project on the construction of an integrated LNG complex in the Yamal peninsular. This project is of strategic importance for the Russian economy.
Vnesheconombank’s participation in the project by way of extending a guarantee helped OJSC Yamal LNG to raise international foreign funding. The guarantee’s acceptance testifies to foreign creditors’ high level of trust in Vnesheconombank Group of Companies.
OJSC NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons in the Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area. It accounts for about 80% of gas production in Russia and - about 16% of the world’s gas production. NOVATEK is an open joint stock company founded in compliance with the laws of the Russian Federation. JSC Novatek’s shares are listed on the Moscow Exchange, Global Depository Receipts – on the London Stock Exchange under the ticker symbol “NVTK”.
OJSC Yamal LNG is implementing a project on the construction of an LNG plant with annual capacity of 16.5 million tons per year based on the feedstock resources of the South-Tambeyskoye field. LNG production is scheduled to start in 2017. OJSC Yamal LNG’s shareholders are OJSC NOVATEK (50.1%), Total (20%), CNPX (20%), the Silk Road Fund.
Please see Vnesheconombank (VEB) company electronic office
Press Office of VEB
Phone: +7 (495) 608-46-93
Fax: +7 (495) 975-21-34
VEB - The Bank for Development operates to enhance competitiveness of the Russian economy, diversify it and stimulate investment activity.
Company press releases