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Bloomberg: EBRD Says It Won’t Resume Talks on Financing Sakhalin-2 Project

By Greg Walters

Aug. 7 (Bloomberg) — The European Bank for Reconstruction & Development won’t resume talks on financing the Sakhalin-2 oil and natural-gas project in Russia’s Far East.

The EBRD withdrew from Sakhalin-2 in January after Russian gas monopoly OAO Gazprom took a majority stake in the project, the bank, which is backed by European governments, said in an e- mailed statement today.

“In informal discussions with the EBRD since then, it became clear that in light of the timetable envisaged by the shareholders, the financing from the EBRD was not feasible,” the bank said in the statement.

To contact the reporter on this story: Greg Walters in Moscow [email protected]
Last Updated: August 7, 2007 06:17 EDT

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