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Vladivostok Times: Gazprom will not have to seek financing for Sakhalin II project independently

Thursday, October 11 2007, 08 PM

The Sakhalin II operator is holding talks with foreign state and private banks

VLADIVOSTOK, October 10, vladivostoktimes.com Sakhalin Energy operator is negotiating to borrow up to 6 billion USD in loans from foreign state and commercial banks, the Kommersant – Far East newspaper reports. This is the amount the Company needs to accomplish the second stage of the Sakhalin II project. The total amount of investment is approved at 19.4 billion USD.

Among creditors of the project will be private banks, but most of the money will come from customers for the ecology report. In 2005 the Japan Bank of International Cooperation (the country is the biggest customer in the project) considered granting a 4 bln USD loan to Sakhalin Energy.

According to Ian CRAIG, the Sakhalin Energy CEO, the “shareholders are still interested in contracting credits.” The company has been working to attract a loan for accomplishment of the project since 2001. The talks were reignited after the changes in structure of shareholders (the Russian state-owned Gazprom received control over the project and confirmed its interest in attraction of loans). Mr. CRAIG specified that the company expects to receive 5 to 6 bln USD.
 
http://vladivostoktimes.ru/show.php?id=15608&p=

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