Intesa Sanpaolo wants to Fund “Northern stream-2”

Intesa Sanpaolo wants to Fund “Northern stream-2”


Intesa Sanpaolo is also interested in participating in the next issue of Eurobonds of “Gazprom”, said the Chairman of the Board of Directors of “Banca Intesa” Antonio Fallico.

VERONA (Italy), 23 Oct. Italian group Intesa Sanpaolo has plans to participate in the project financing of a gas pipeline “Northern stream-2”, said the Chairman of the Board of Directors of “Banca Intesa” (Russian “daughter” of the group) Antonio Fallico.

“We are ready to Finance new projects of “Gazprom”. In addition, we also plan to participate in the project “Northern stream-2”, — said Fallico.

In September the Deputy Chairman of Gazprom Alexander Medvedev told journalists that Gazprom is already working on the project financing for the “Nord stream-2” and pre-sees high interest from market participants. During the construction of the pipeline “Nord stream-1”, in which investments amounted to € 7.4 billion, the shareholders have provided 30% of the project budget in proportion to their shares in the consortium and the remaining 70% were recruited from external sources (banks and export credit agencies) in the form of project financing.

According to him, Intesa Sanpaolo is interested in participating in the next issue of Eurobonds “Gazprom”. Answering the question about its possible volume, Fallico said: “next month is scheduled to meet. Maybe during this meeting will be known about the plans of Gazprom”. He expressed confidence that the paper of the Russian gas holding will be of interest for European investors.

“The last 1 billion euros flew instantly, like lightning, the demand twice exceeded the amount of Eurobonds”, — said Fallico. The investment Bank of Intesa Sanpaolo group was among the organizers of this issue placed earlier in October at a yield of 4.625% per annum.

The project “Northern stream-2” involves the construction of two pipelines with a total capacity of 55 billion cubic meters of gas per year from the coast of Russia through the Baltic sea to the German coast. The shareholders of the project company New European Pipeline AG, in addition to “Gazprom”, will include E. On, Shell, OMV, BASF/Wintershall and Engie (former GdF Suez). “Gazprom” will belong 51%, E. On, Shell, OMV and BASF/Wintershall — 10% each, Engie — 9%.