China and Russia launched a joint LNG project on Yamal

Almaty. December 11. Silkroadnews - China and Russia have launched a joint LNG project on Yamal, People’s Daily Online reported.
“Regarded as the “energy pearl” inside the Arctic Circle, the giant Yamal liquefied natural gas (LNG) project, jointly launched by China and Russia, began operation. Located on the Yamal Peninsula, the Yamal LNG plant is the world's largest natural gas development, liquefaction, transportation, and sale project in the Arctic region, and is also the first large oversea energy project since the Belt and Road Initiative was proposed in 2013,” the report reads.
The project was developed by JSC Yamal LNG, the Russian natural gas producer Novatek owns 50.1% of the company’s shares, and the French energy company Total S.A. and China National Petroleum Corporation own 20% each. The Chinese Silk Road Fund has signed an agreement to buy 9.9% of the shares.
The projected production capacity of the Yamal-LNG plant has been estimated at $27 billion, with 5.5 million tonnes per year production capacity. By 2019 three production lines are expected to be established, with a total capacity of 16.5 million tonnes of LNG per year. At the same time, three lines will supply 4 million tonnes of LNG to China every year.