Total CEO: Funds for Yamal LNG to be Unblocked by End-2015



Reuters

PARIS, May 29 (Reuters) – Total's chief executive said on Friday he expected funding for the $27 billion Yamal LNG project it is developing in Russia with Novatek to be made available by lenders before the end of the year.

"It's progressing well. We think we'll get the funds before the end of the year," Patrick Pouyanne told reporters on the sidelines of the French oil major's annual general meeting.

The liquefied natural gas (LNG) project in the Yamal peninsula in Siberia was barred from raising funds in U.S. dollars after the United States imposed sanctions on Russia. Total, Novatek and China's CNPC are now seeking funds in euro, yuan and rouble.

(Reporting by Michel Rose; Editing by Andrew Callus)



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