Gazprom joint venture secures up to $948mn loan for Russia's Semakovsky field
- The 15-year syndicated loan "allows to fully finance the initial and the most important stage" of the field's development in order to launch it as planned, RusGazDobycha said in a separate statement.
- Russian state development bank VEB pledged in August financial backing for the LNG project.
MOSCOW: A Gazprom joint venture with RusGazDobycha has secured funding for the "initial and most important stage" of the development of the Semakovsky gas field in north-east Russia, which is set to be launched in 2022, RusGazDobycha said.
A document published by a Russian state body showed on Wednesday Gazprombank issued a syndicated loan of up to 70 billion roubles ($948 million) for development of the field, which is projected to contain over 320 billion cubic metres of gas.
The 15-year syndicated loan "allows to fully finance the initial and the most important stage" of the field's development in order to launch it as planned, RusGazDobycha said in a separate statement.
In total, the joint venture is set to develop three gas fields, including Semakovsky. Gazprom and RusGazDobycha, its Russian partner, also plan to build a liquefied natural gas plant in Ust-Luga on the Russian shore of the Baltic Sea.
Russian state development bank VEB pledged in August financial backing for the LNG project.
Gazprom has a direct minority stake of 29.8% in Gazprombank, Russia's third biggest lender.
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