Russian Prime Minister Dmitry Medvedev last week signed a decree on allocation of 24 billion rubles (app. €480 million) of fresh funds to construction of Port of Sabetta. Before this, federal investments in the project amounted to 47 billion rubles (app. €941.5 million).
The additional funding will be taken from other projects that are not that relevant any longer, like ferry connection between St. Petersburg and Kaliningrad, Deputy Minister of Transport Viktor Olerskiy said to Interfax.
The Sabetta port is to serve the Yamal LNG, the major project in the Yamal Peninsula operated by Novatek together with the international companies Total and CNPC. While the development costs for the plant and the nearby South Tambey gas field are covered by the three companies, the costs for port development is covered primarily by the Russian state.
The total costs for the whole project are estimated to be 97.2 billion rubles (app. €1.94 billion), Federal Press informs.
Yamal LNG is currently owned by NOVATEK (60%), TOTAL (20%) and CNPC (20%).