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05.01.2016 16:51
Chinese Insurers to Invest in Yamal LNG Project
The new firm, China Insurance Investment Ltd, will boost China's energy security by directing part of its first fund to finance Russia's USD 27 billion Yamal liquefied natural gas (LNG) project

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More than 40 Chinese insurance companies and asset managers have jointly started an investment firm, raising 40 billion yuan (USD 6 billion) for a first fund to finance energy and infrastructure projects overseas, Reuters reported, citing China's insurance regulator.

The new firm, China Insurance Investment Ltd, will boost China's energy security by directing part of its first fund to finance Russia's USD 27 billion Yamal liquefied natural gas (LNG) project. The project is developed by JSC Yamal LNG. Novatek owns 50.1% stake in the company while Total S.A. and CNPC own 20% each with China's Silk Road Fund has signed agreement to purchase 9.9% stake.

Yamal LNG, due to start production of liquefied natural gas in 2017, should consist of three lines with a capacity of 5.5 million tonnes a year each.

The project has been struggling to raise funds because of international sanctions on Russia over its involvement in the conflict in eastern Ukraine.

TAGS: China | Russia | investment | gas | natural gas | LNG | Yamal | Yamal LNG 

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20.03.2022  Teodor Bobochikov, Managing Partner, V-Ridium
Energy Transformation – Trends and drivers
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