Arctic LNG-2 expands Russian credit deal
Russia's Novatek and its partners in the Arctic LNG-2 consortium have secured an increase in the size of 15-credit line facility provided by a group of Russian banks from €3.11bn ($3.76bn) to €5.7bn, the group said on October 25.
The credit facility was obtained in April from Sberbank, Gazprombank and its subsidiary Bank GPB International, state development bank VEB.RF and Bank Otkritie Financial Corp, and serves as part of the external share of the Arctic LNG-2 project's financing.
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Novatek has a 60% share in Arctic LNG-2, which at full capacity will produce up to 19.8mn metric tons/year of LNG. Its partners are TotalEnergies with 10%, CNPC and CNOOC with 10% each and a joint venture between Mitsui and Jogmec with a further 10%. The project's first train is due online in 2023.