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The Wall Street Journal: Bank Shelves Sakhalin Loan

In Brief
January 12, 2007; Page A4

The European Bank for Reconstruction and Development said it will no longer consider a loan to the Sakhalin-2 energy project in Russia, after Royal Dutch Shell PLC and its partners were forced to sell a 50% stake in the venture to OAO Gazprom, Russia’s state-owned natural-gas giant.

Since 2001, the EBRD had been considering a loan of about $300 million. EBRD President Jean Lemierre said the bank is prepared to discuss its participation with the new shareholders if certain conditions are met.

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