WSJ: Total CEO - Russian Arctic Project Gets Chinese Funding Boost

A state-backed Chinese investment fund has bolstered the chances of an Arctic natural gas project in Russia moving forward despite U.S. sanctions, according to the chief executive of Total SA, the French oil giant involved in the project.

Yamal LNG, a $27 billion project on a Russian peninsula jutting into the Kara Sea, has been beset by questions over how to pay for it since the lead partner, OAO Novatek, was hit by U.S. sanctions following Russia’s annexation of Crimea last year. With most western financing cut off, the partners have turned to Chinese state banks for $12 billion in loans but none have been approved yet.

Read the full article HERE.