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Total Taps Chinese Banks to Fund Russian Project
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Total's new CEO, Patrick Pouyanne, is moving ahead with plans for the $27 billion Russian Arctic Yamal LNG project. As China shifts away from coal with increased imports of LNG and pipeline natural gas, it is keen on providing financing for the project. Chinese banks will provide the bulk of the financing. Pouyanne disclosed in an WSJ interview that this would be $15 billion in Chinese bank financing to be arranged in 2015. Most of the LNG will go to meet China's needs. Partners in the Yamal project are OAO Novatek of Russia, and China National Petroleum Corporation. OAO Novatek's major shareholder is on the western sanctions list making it difficult to obtain financing from western banks. This makes the project riskier because of foreign exchange risks taken on by Total SA which are to hedge against.
Total SA to access Chinese financing for $15 billion for the $27 billion Arctic Yamal LNG project
03/24/2015
Partners in the Russian Yamal LNG project are OAO Novatek, and China National Petroleum Corporation. One of the major shareholders in the Yamal project is on the western sanctions list. As a result Total SA will seek Chinese financing. China is making a shift away from coal and looks to increase imports of LNG and pipeline natural gas. Most of the production from Yamal will go to China.
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