Lenders to Unblock Funds for Yamal LNG by Year-End, Says Total

Total’s Chief Executive Patrick Pouyanne said on Friday he expected lenders to unblock funds for the $27 billion Yamal LNG project by the end of the year, adding that the France-based company expects to grow production launching 15 Upstream projects in the near future.

Pouyanne’s declaration confirms the intention of the company to move on with the LNG project it is developing in northwest Siberia with Novatek. 

“It's progressing well. We think we'll get the funds before the end of the year” he said in Paris, after saying that the company approved a 2.5% increase in annual dividend for 2014.

Total reported that the LNG terminal is the largest industrial project in the Arctic, eventually involving the drilling of more than 200 wells and the construction of 3 LNG trains for a total capacity of 16.5 million tons per year.

Meanwhile, according to Reuters, Eurasia Drilling and Schlumberger agreed to extend the long-stop date for completion of the proposed merger from May 31 to June June 30.