Russia's Arctic LNG Project Goes as Planned at $27 Bln Budget - Novatek CEO

The Yamal liquefied natural gas (LNG) project in Russia's Arctic is fully invested, implemented as planned under the earmarked $27-billion budget, with the first leg expected to become operational late next year, Russian gas company Novatek CEO Leonid Mikhelson said Monday.

MOSCOW (Sputnik) — The chief executive estimated that the project's status is approximately 68 percent complete, with the first leg at around 85 percent and expected to go online in late 2017.

"The project is going according to plan. What is very important is that we took an investment decision in 2013, the value of the investment is equal to $27 billion. That is being confirmed. We are not going over the budget," Mikhelson told President Vladimir Putin.

Mikhelson added that Yamal LNG is fully financed, with shareholders chipping in $13 billion, Russian banks investing around $4 billion and $12 billion generated from Chinese banks.