The Chinese investment fund will acquire a 9.9% stake in the liquefied natural gas development in Russia’s Yamal peninsula and is also extending a 15-year loan of €730 million (4792 million) to bankroll the project, most of which has already been paid out to the Novatek-led consortium.
“With the closure of this transaction, we will achieve the appropriate target shareholder structure, which will contribute to the planned financing of the project and further facilitate its successful implementation,” Novatek chairman Leonid Mikhelson said in a statement.
Meanwhile,
