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The Guardian: EBRD refuses to fund Sakhalin-2 project

Wednesday August 8, 2007
Mark Milner

The European Bank for Reconstruction and Development said yesterday it had “disengaged” from Sakhalin-2, the world’s largest oil and gas export project.

The bank’s plans to lend a reported €300m (£203m) plus had been under review since Gazprom bought a 50% stake in Sakhalin 2 from Shell and its partners, Mitsui and Mitsubishi.

Yesterday the EBRD said it had been unable to meet the October deadline set by the developers to put the financing in place. Gazprom and the EBRD said they would focus on cooperation in other projects, such as promoting sustainable energy.

http://business.guardian.co.uk/story/0,,2143683,00.html

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