"The Yamal LNG project is a transformative project for Novatek and a key element in the overall strategy to develop the natural gas resources on the Yamal Peninsula and increase the output of liquefied natural gas from Russia," he said in a statement Wednesday.
Novatek announced with French energy company Total it made a decision to develop the Yamal LNG facility in the Far North of Russia. The project will draw from the South-Tambeyskoye natural gas field and have an overall capacity of 16.5 million tons of LNG per year.
The project also calls for the construction of sea port infrastructure and an international airport. As many as 16 ice-class carriers will be designated to ship LNG year-round to global consumers.
Novatek and Total said about 70 percent of the LNG expected from the facility is reserved by international customers. Commercial operations are expected by 2017.
The French energy company holds a 20 percent stake in a project whose cost may exceed $26 billion.
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