New Chinese fund targets Yamal LNG
A group of Chinese insurance firms and asset managers have clubbed together to raise funds for overseas energy and infrastructure projects.
China Insurance Investment Ltd has raised more than $6bn to date and its first investment will be in Russia’s Yamal LNG project.
The Yamal LNG project, due to start production of liquefied natural gas in 2017, will have an annual capacity of 16.5m tons per year, and will require 15 ice class LNG ships to move the cargoes.
Chinese interests have already provided significant cash to the project. China’s Silk Road Fund earlier provided nearly $1bn to Yamal LNG and obtained a 9.9 percent stake in the project.
China Insurance Investment, headquartered in the Shanghai free trade zone, was launched by 46 Chinese corporate shareholders, comprising 27 insurance companies, 15 insurance asset management companies and four private companies.
Other projects it will help fund include port developments by China Merchants in Sri Lanka, Turkey and Djibouti.