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Government finds money for LNG terminal in Kamchatka

Government finds money for LNG terminal in Kamchatka

The government has determined the sources of priority infrastructure financing for NOVATEK's projects in Kamchatka and Murmansk. The total cost of the federal part of the projects will amount to 168,5 billion rubles.

As the Kommersant, money for the coming year will come from NOVATEK’s investment deduction of 40 billion rubles, another 20,6 billion rubles from the Nizhny Novgorod hydroelectric project, whose implementation is being delayed. After a meeting with Prime Minister Dmitry Medvedev in early December, the Ministry of Finance was instructed to secure funding for Novatek's projects for 1-2020 from the budget until April 2022. In the future, financing will most likely be released from other transport projects. 

The company twice asked the government for support, at first it was about 28 billion, but the authorities could not find money for this project and did not include it in the budget for 2020-2022. Financing is necessary for the federal infrastructure - the berth and other facilities that a private investor cannot legally own. Then the amount decreased up to 20 billionbut the government reiterated that there was no money.

NOVATEK needs the LNG offshore transshipment complex in Kamchatka to reduce the number of expensive ice tankers for passage along the Northern Sea Route. NOVATEK will build two floating LNG storage, approach channel in Bechevinsky bay, port fleet berth. Ministry of Eastern Development previously stated that it’s ready allocate 5,2 billion rubles on the creation of port infrastructure in Bechevinsky Bay.

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