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Yamal LNG - sponsored by Novatek (50.1%), CNPC (20%), Total (20%) and Silk Road Fund (9.9%) - has reached financial close on a EUR 750 million 14.5-year Sace and Coface guaranteed loan from Intesa Sanpaolo.
The $400 million Sace tranche is linked to a number of the project's subcontracts, which have been awarded to Italian suppliers including Nuovo Pignone, an Italian GE Oil & Gas subsidiary, and a group of 20 Italian SMEs specialized in oil and gas technologies. The $350 million Coface tranche backs Total's equity participation in the project. The combined ECA package is priced at 250bp over...