MIA investigates embezzlement during Yamal LNG construction

MIA investigates embezzlement during Yamal LNG construction
Yamal LNG plant gas holder

The damage that the only private liquefied natural gas producer in Russia suffered from the actions of its contracts may exceed 300m rubles ($4.8m).

The MIA Main Directorate in Moscow investigates embezzlement during Yamal LNG construction, according to RBC's police source.

Investigators are using the case file developed by the General Administration for Economic Security and Combatting the Corruption. The target of the investigation is unidentified OOO RSK-Logistik employees and managers.

The OOO RSK-Logistik embezzled a large sum of money by pretending to need them for construction of the "administrative area for gas condensate recovery and processing" for Yamal LNG from July 23, 2015 to November 7, 2017, according to investigators. The companies signed the contract for the area construction in June 2015.

Unidentified people were not going to complete the area, according to RBC's source. It is worth mentioning that the certificate of acceptance and the document stating the price contained inaccurate data, according to investigators.


Yamal LNG is the only private liquefied natural gas producer in Russia; its plant near the Yuzhno-Tambeyskoe gas field was commissioned in 2017. The project's budget is estimated at $27b. Chinese banks loaned about $12b of this amount; the Russian National Wealth Fund loaned another 150b rubles ($2.4b). NOVATEK owns 50.1% of the Yamal LNG stock; French Total and Chinese CNPC each own 20%; the Chinese Silk Road Fund owns 9.9%.

The contract is worth 4.2b rubles ($67.4m), while the damage may exceed 300m rubles, according to the June 13, 2018 ruling of the 13th Commercial Court. OOO RSK-Logistik has filed for bankruptcy, too. The St. Petersburg and Leningrad Region Commercial Court had earlier granted the 338m rubles ($5.4m) lawsuit of Yamal LNG against OOO RSK-Logistik; of them, 326m rubles ($5.2m) are the advance payment.

Businessman Artem Chernukhin is the CEO of OOO RSK-Logistik. The investigation is due to the counter lawsuit of the OOO RSK-Logistik that it filed with the Moscow Commercial Court, OOO RSK-Logistik told RBC. It is worth mentioning that OOO RSK-Logistik "insists on an expert examination to establish the actual scope of works and spendings, while Yamal LNG resists it, according to the OOO RSK-Logistik. The police are trying to "identify unperformed works that Yamal LNG does not want to identify itself, according to OOO RSK-Logistik.



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