OAO “Yamal LNG” signed a loan agreement with European banks, including Raiffeisen Bank International AG, and Intesa Sanpaolo, the provision of credit lines for 14 years in the amount of 425 million euros at rates ranging from EURIBOR 6M +1.75% to 6M EURIBOR +2,3% per annum, under the coverage of the Swedish export credit Agency EKN and German export credit Agency Euler Hermes. New lenders join conditions previously arranged project financing without increasing its total amount, according to a press release from the company.
Earlier in the framework of attract project financing “Yamal LNG” were received on a repayable basis, funds of the national welfare Fund of Russia signed loan agreements to provide credit lines with Sberbank and Gazprombank, China development Bank and Export-import Bank of China, the Japan Bank for International Cooperation (JBIC) and the Bank Intesa Sanpaolo under the cover of the Italian export credit agencies SACE and COFACE.
“The signing of new loan agreements with European banks will optimize the credit portfolio of “Yamal LNG”. We have already raised sufficient funds, and a further decrease in the average cost of borrowing will increase economic efficiency of the project for our shareholders,” – said General Director of “Yamal LNG” Eugene the cat.