Economy
Sberbank CEO German Gref: Yamal LNG will be profitable even with low oil and gas prices

Sberbank CEO German Gref: Yamal LNG will be profitable even with low oil and gas prices

Yamal LNG will be profitable even with the most unfavorable oil and gas prices, Sberbank CEO and Chairman of the Board German Gref said during a meeting with Russian President Vladimir Putin. 

"We believe it is an entirely reliable project. It will be profitable even with the most unfavorable oil and gas prices," he said.

Yamal LNG is a liquefied natural gas (LNG) facility with a capacity of 16.5 million tons per year based on the resources of the South Tambey field. The project is carried out jointly by the companies Novatek (Russia), Total (France) and CNPS (China). Sberbank of Russia is a lender to the project.

According to Gref, Yamal LNG is an effective project that will totally reshape the gas economy.