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Reports from Russia say the country will join forces with Saudi Arabia to invest in future energy projects. notably in the Arctic north. where Novatek plans to build its second project. Arctic LNG II.
Russia’s minister of energy Aleksandr Novak told the news agency Tass that the two countries are setting up a joint financial mechanism to invest in energy projects. Russia has invited Saudi energy minister and Saudi Aramco chairman Khalid al-Falih on a fact-finding trip to explore ways to work together.
Novatek announced last week that it has acquired the licence for the Gydan gasfield. a new milestone for Arctic LNG II. Chief executive and chairman Leonid Mickelson said the licence “allows us to significantly boost the resource basis of Novatek in the Gydan Peninsula and take on… new. grand LNG projects”.
Meanwhile. Yamal LNG announced today that it has raised additional finance with “several European banks”. with insurance cover from the Swedish and German export-credit agencies. The new agreements are worth up to €425 million (US$476 million).
Yamal LNG general director Evgeniy Kot said: “Signing of the new agreements with the European banks will allow us to optimise the Yamal LNG credit portfolio. We have already raised sufficient… financing and further reduction of average cost of debt will increase the economic value of the project for our shareholders.”
