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05.05.2016

EXIAR supports Russian YAMAL LNG project

The Russian Agency for Export Credit and Investment Insurance (EXIAR – a part of the Russian Export Center Group), PAO Sberbank, and Gazprombank JSC have concluded a loan insurance policy for Yamal LNG. As part of the agreement, EXIAR has insured PAO Sberbank and Gazprombank JSC’s loan of 3.6 billion euros over 15 years to Yamal LNG JSC in order to create export-oriented production of liquefied natural gas.

EXIAR insured the bank loan to Yamal LNG JSC as part of the Agency’s new insurance product: insurance for loans to finance the creation of export-oriented manufacturing. This new support tool for export-oriented manufacturing in Russia is possible thanks to changes made on March 21, 2016, to Russian Government Directive No. 964 “On the Procedure for Export Credit and Investment Insurance for Business and Political Risks”. The loan insurance to support Yamal LNG’s export-oriented project is the first such deal using EXIAR’s new product.

It should be noted that the conditions under which PAO Sberbank and Gazprombank JSC extended the loan to Yamal LNG JSC include financing and refinancing the cost of the Borrower, its subsidiary companies and key contractors with whom contracts for the construction of the main facilities of the Project, as well as the purchase of goods, works and services for needs of the Project solely from Russian companies and suppliers.

EXIAR’s CEO, Alexey Tyupanov noted that “[our] support for one of the most ambitious and major projects for the Russian economy makes Yamal LNG the largest deal in EXIAR’s history. In this regard, I would like to recognize the enormous work undertaken by all participants to make this deal possible and to separately thank our reliable partners of many years, Sberbank and Gazprombank”.

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011. EXIAR's mission is to support Russian hi-tech exports and investments abroad by insuring export credits against commercial and political risks. The Russian Export Center is EXIAR’s sole shareholder. The agency's charter capital is RUB 43.5 billion. The State Specialized Russian Export-Import Bank (Eximbank of Russia) is a subsidiary of EXIAR.

The Yamal LNG Project is being undertaken on the Yamal Peninsula, north of the Arctic Circle on the Yuzhno-Tambeyskoye gas field. The Project Operator is Yamal LNG JSC, a joint enterprise of NOVATEK JSC (50.1%), Total (20%), the Chinese National Petroleum Corporation (20%) and Silk Road Fund (China) (9.9%). The proven and potential gas reserves, according to PRMS standards, total 926 billion cubic meters of gas. Construction of the liquefied natural gas plant will take place in three stages, with launches in 2017, 2018, and 2019 respectively. The project anticipates annual production of approximately 16.5 million tons of liquefied natural gas (LNG) and up to 1.2 million tons of natural gas condensate with shipments to countries in the Asia-Pacific region and Europe.