Arctic LNG 2, a subsidiary of Russian gas major Novatek, has signed loan agreements loan agreements with international financial institutions and commercial banks. The maximum aggregate loan amount under the facilities to be provided by the Russian and international banks is 9.5 bn euro for up to 15 years.
The external financing package with a consortium of international and Russian banks secures the required external funding for the project, Novatek said in a statement.
Chinese financial institutions including the China Development Bank and the Export-Import Bank of China, signed credit facility worth up to 2.5 bn euro.
OECD member countries’ financial institutions including the Japan Bank for International Cooperation (JBIC) and other lenders insured by export credit agencies signed credit facility agreements worth up to 2.5 bn euro.
A syndicate of Russian banks including Sberbank, Gazprombank and its subsidiary Bank GPB International S.A., State Development Corporation VEB.RF and Bank Otkritie signed credit agreements for a total of 4.5 bn euro in the framework of the credit facility agreement concluded earlier.
The Arctic LNG 2 project envisages constructing three LNG liquefaction trains of 6.6 mn tons per annum each for the total LNG capacity of 19.8 mn tons, as well as cumulative gas condensate production capacity of 1.6 mn tons per annum.
As of 31 December 2020, the Utrenneye field’s 2P reserves under PRMS totaled 1,434 bn cubic meters of natural gas and 90 mn tons of liquids.
The Arctic LNG 2 project participants include Novatek (60%), TotalEnergies (10%), CNPC (10%), CNOOC (10%) and Japan Arctic LNG, a consortium of Mitsui & Co, Ltd. and JOGMEC (10%).