Gazprom attracts project financing for the “Nord stream-2”

Gazprom attracts project financing for the “Nord stream-2”


Deputy Chairman of “Gazprom” Alexander Medvedev said the company aims to implement large-scale projects based on project Finance, when 70% borrowed funds and 30% equity.

PERTH (Australia), 12 APR. “Gazprom” expects to complete the project financing for gas pipeline “Nord stream-2” in 2017, after the shareholders of the project will get the necessary building permits, said Deputy Chairman of “Gazprom” Alexander Medvedev in an interview.

“The timing (to attract project funding to the “Nord stream-2″ — ed.). Once we receive all the necessary permits (for the construction of the offshore pipeline — ed.), in the same 2017 should be addressed on a project-Finance”, — said Medvedev.

“Naturally, we strive to keep our major projects were implemented on the basis of project financing, when 70% borrowed funds and 30% — own means of shareholders… We have announced that the total amount of the project (Nord stream-2) is planned in the amount of 9.9 billion euros, so it is easy to calculate 70% of this sum”, — he told, having added that “Gazprom” yet did not change the project cost estimate, and if it changes, only downward.

“Sometimes it happens so that first the shareholders are financing the project, and then refinance it on more favorable terms than those that could be if project funding was obtained from the beginning. Shareholders are willing to take this option, though, of course, this will require the mobilization of additional private funds. Therefore, we still want to work the classic schemes, not extreme,” — said Medvedev.