MOSCOW, April 26 (Reuters) – Leonid Mikhelson, the head of No.2 Russian gas producer Novatek, said on Tuesday the Yamal LNG project was unlikely to get loans from China next month.

An official at China National Petroleum Corp (CNPC), which controls 20 percent in Yamal LNG, said the project would receive around $10 billion in loans from Chinese banks in May.

“It will happen a bit later,” Mikhelson, Russia’s richest businessman, told reporters.

Novatek holds 50.1 percent in Yamal LNG. France’s Total and CNPC control 20 percent each while China’s Silk Road Fund owns 9.9 percent in the project, which plans to start liquefied natural gas production next year.

(Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; editing by Jack Stubbs)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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