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UK receives first cargo from Russia's Yamal LNG

* First Yamal cargo arrives at Isle of Grain * Next two cargoes destined for Gate and Montoir * Volumes likely to be shipped onwards to premium markets The first cargo lifted from Yamal LNG has been delivered into the UK'sIsle of Grain terminal aboard the Arc 7 tanker, the Christophe De Margerie,according to data from cFlow, Platts trade flow software.

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Yamal LNG's second cargo was expected to be delivered into theRotterdam's Gate LNG terminal aboard the Boris Vilkitsky.

The third cargo will be loaded aboard the Fedor Litke, with theexpectation that the vessel will berth at the Montoir LNG terminal.

Market participants had said that the wide spread between prices in thePacific basin and Europe meant all Yamal cargoes will be transferred to othervessels for delivery into other markets.

By the start of Friday's trade, the spread between the NBP Februarycontract and the JKM for February delivery into Northeast Asia, stood at$3.552/MMBtu.

The first train of the Yamal LNG project began production in December2017, with Train 2 and Train 3 expected to come online in 2018 and 2019,respectively, with a nameplate capacity of 16.5 million/mt per year.

The project is a joint venture between Novatek (50.1%), Total (20%), CNPC(20%) and the Silk Road Fund (9.9%).

--Desmond Wong, desmond.wong@spglobal.com

--Edited by Dan Lalor, daniel.lalor@spglobal.com