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Russia’s Sakhalin-2 gets $5.3 bln project finance

Reuters UK

Russia’s Sakhalin-2 gets $5.3 bln project finance

Mon Jun 16, 2008 9:12am B

MOSCOW, June 16 (Reuters) – Russia’s Sakhalin-2 oil and gas group has obtained $5.3 billion in financing from the Japan Bank for International Cooperation (JBIC) and a consortium of international commercial banks, the group said on Monday.

“The funds will finance the final stages of construction, testing and commissioning of Sakhalin, which will soon start delivering liquefied natural gas to customers in Japan, Korea and the North American West Coast,” the statement said.

JBIC, Japan’s leading financial institution, agreed to provide $3.7 billion while the consortium will contribute an additional $1.6 billion.

Sakhalin-2 is led by Russian gas export monopoly Gazprom (GAZP.MM:QuoteProfileResearch) and also includes Royal Dutch/Shell (RDSa.L:QuoteProfileResearch) and Japan’s Mitsui (8031.T: QuoteProfile,Research) and Mitsubishi (8058.T: QuoteProfileResearch). (Reporting by Dmitry Zhdannikov; editing by Robin Paxton)

 

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