Intesa Sanpaolo: grants eur 750 million funding for gas plant in Siberia
• Two credit lines have been issued with a duration of approximately 15 years, respectively amounting to 400 and 350 million and guaranteed by the export credit agencies SACE and COFACE
• The deal signed with SACE will support a pool of 20 'Made in Italy' companies specialised in components for the oil & gas industry
Milan, Moscow - 12 December 2016 - Intesa Sanpaolo has entered into with Yamal LNG a loan agreement of 750 million euro intended for the construction of a natural gas liquefaction plant in the Siberian region of Yamal in Russia.
The transaction, completed by the Group Corporate & Investment banking Division, consists of two credit lines with a duration of approximately 15 years issued by Intesa Sanpaolo: 400 million is guaranteed by the Italian export credit agency, SACE (Cassa depositi e prestiti Group), and the remainder by the French insurance company COFACE. Banca Imi, Intesa Sanpaolo investment bank, will also act as Intercreditor Agent.
The loan guaranteed by SACE will go in favour of a series of subcontracting agreements awarded to over 20 Italian companies, including Nuovo Pignone, specialised in technologies for the oil & gas industry, mostly SMEs. The loan guaranteed by COFACE, on the other hand, will support a range of services and engineering contracts with French companies.
The project, worth a total of $27 billion, involves the construction of an integrated plant for the liquefaction of natural gas coming from the gas field of South Tambey, in the Siberian region of Yamal, and intended for European and Asian markets. Once built, Yamal LNG will be one of the largest facilities ever built in the Arctic, incorporating the port of Sabetta, a new airport and a 380-megawatt power plant.
The development and management of the project are entrusted to the vehicle company Yamal LNG held by Russian giant NOVATEK (50.1%), by the Chinese group CNODC (20%), by TOTAL (20%) and by the investment fund SILK ROAD FUND (9.9%).
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Last updated 12 December 2016 at 14:08