China’s Silk Road Fund to buy into Russian LPG project

China’s Silk Road Fund, a medium- to long term investment fund, will buy 9.9 percent of a Russian liquefied natural gas (LNG) project, Xinhua news agency reported.

China’s Silk Road Fund, a medium- to long-term investment fund, will buy a 10 percent of a Russian liquefied natural gas (LNG) project, Xinhua news agency said.

It quoted the Fund as saying that it had entered into a set of binding agreements with the Russia-based natural gas producer Novatek for a stake in the Yamal LNG project and provide a 15-year loan of around 730 million euros (about $790 million) to finance the project.

Located on the Yamal peninsula, the project is the world’s largest natural gas development, liquefication, transportation and sale project, with a designed annual output of 28 billion cubic metres.

The Silk road Fund was set up in 2014 to promote investment and financing cooperation between China and other countries as part of the “One belt, one road” initiative, Xinhua said.

 

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