The Yamal LNG project has signed contracts for the sale of 96% of liquefied natural gas (LNG) it produces, Tass news agency reported, citing Evgeny Kot, head of Yamal LNG.
"96%, practically the total volume of LNG we produce will be sold under long term contracts. This means 20-25 years," he said.
According to him, the countries of Asian-Pacific region account for 86% of the contracts.
Sovcomflot will receive the first LNG carrier for the project “Yamal LNG” this fall and send it on ice trials in winter, he said.
Upon completion, the LNG facility is expected to have an annual capacity of 16.5 million tonnes on the resource base of Yuzhno-Tambeiskoe field. The project is scheduled to begin production in 2017.
Meanwhile, Novatek has completed the sale of a 9.9% equity stake in the Yamal LNG project in Russia to China's Silk Road Fund (SRF) for Euro1.8bn.
Following the deal, Novatek owns 50.1% interest in the project, Total 20%, CNPC 20% and the remaining 9.9% is owned by SRF.