With the completion of the deal, Novatek now owns 50.1% stake in the $27bn project. Other project partners include Total with 20% interest, China National Petroleum (CNPC) 20% and the remaining 9.9% is owned by SRF.
Under the terms of the deal signed in 2015, SRF will provide a 15-year loan of about €730m to Novatek to finance the project which is currently at the active construction stage.
The Yamal LNG project will involve development of the South-Tambeyskoye field located near Sabetta in the Yamal peninsula in Russia and construction of an LNG plant with three trains with total capacity of 16.5 million tons per annum.
The project also includes construction of a processing facility for gas and condensate treatment, a gas transmission pipeline, well sites, a gas gathering system, a sea port at Sabetta and a fleet of tankers for LNG transportation.
First train is expected to be operational by the end of 2017, with the project reaching full capacity by 2021.
SRF president Wang Yanzhi earlier said: "We are pleased to sign the definitive agreements to enter the Yamal LNG project, which is progressing on schedule and is widely viewed as sustainable due to its high-quality conventional reserve base and long-term contracts for almost 100% of its sales volumes."
Image: The Yamal LNG project involves construction of an LNG plant. Photo: courtesy of NOVATEK.
