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The Sakhalin Times: Gazprom confirms Sakhalin II talks with JBIC

Gazprom, the operator of the Sakhalin II project, has resumed negotiations with the Japan Bank for International Cooperation (JBIC) to secure financing for the Sakhalin II project, a company press-release stated.

Financing the multibillion dollar project has become a key issue after the European Bank for Reconstruction and Development, a core member of the planned lending syndicate, pulled out in early August because of concerns about how Gazprom gained control.

Alexander Medvedev, deputy chairman of Gazprom, said that Gazprom and the three Sakhalin II partners have reached a memorandum of understanding for financing from JBIC.

Mr Medvedev said the EBRD’s withdrawal would not affect JBIC’s lending.

The parties continue to hold talks about finalizing a deal. Mr Medvedev said JBIC would consider financing not only Sakhalin II, but also other resource development projects in such areas as eastern Siberia.

http://www.thesakhalintimes.com/news/1/1607.html

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