Novatek applies for $ 2.60 billion from NWF for the "Yamal LNG" project.

Novatek, the Russian largest private gas producer, has applied for nearly$ 2.60 billion from the National Welfare Fund (NWF) to finance the "Yamal LNG" project, Nikolai Podguzov, the Deputy Economic Development Minister, stated, RIA Novosti informs.

"NOVATEK (applied for - Ed.) the "Yamal LNG". About $ 2.60 billion", - Podguzov stated on the sidelines of the Economic Forum in Sochi.

On August 1st the EU and the United States banned the supply of equipment for deepwater exploration and production of oil in the Arctic and on the shale oil deposits in the Russian Federation. In September the sanctions were tightened: now providing the services for such projects is also prohibited. In this case, if the EU constraints concern the whole of the Russian oil and gas sector, the United States indicated specific recipients: "Gazprom", "Gazpromneft", "Rosneft", LUKOIL and "Surgutneftegas".

Only "Rosneft" and Novatek have appealed to Russian authorities for financial assistance. Anton Siluanov, the RF Minister of Finance, stated that they might be able to get funds from the National Welfare Fund this year, but in general terms and under the existing projects. On Friday Alexei Ulyukayev, the Economic Development Minister, expressed doubts that "Rosneft" and Novatek have time to get financing from the fund this year, indicating that formal applications from them have not yet been reported.

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