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Japan Makes Arctic Gas Move With $400 Million Yamal LNG Loan

  • Japan’s JBIC to explore Artic LNG after Yamal loan finalized
  • Novatek hasn’t chosen Artic LNG partners; output seen in 2022

Novatek OJSC-led Yamal LNG, the biggest project to produce liquefied natural gas in the Arctic, will get $400 million in financing from the Japan Bank for International Cooperation, the bank’s chief said.

JBIC has almost finalized the agreement with the project and plans to sign a memorandum of understanding for strategic partnership with Novatek, which owns a 50.1 percent stake in Yamal LNG, the bank’s Chief Executive Officer Tadashi Maeda said Friday in Vladivostok. Total SA and China National Petroleum Corp. each hold 20 percent stakes, and China’s Silk Road Fund owns 9.9 percent.