ID :
9306
Tue, 06/03/2008 - 13:30
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https://oananews.org//node/9306
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Group of banks to finalise talks on Sakhalin-2 crediting.
TOKYO, June 3 (Itar-Tass) - The state-run Japan Bank for International Cooperation (JBIC) and four private-owned financial organisations have entered the concluding phase of talks aimed at fixing a plan to lend credits to the Sakhalin-2 project to the tune of about $5,300 million.
This will be a major undertaking of its kind since the world financial system was shaken by problems connected with the crisis of the mortgaging system in the United States, Japan's leading economic newspaper Nikkei reported on Tuesday.
The paper said an agreement on project-tied lending might be signed with the Sakhalin-2 project operator -- the Sakhalin Energy Company (SEC) -- as early as in mid-June.
Russia's Gazprom holding became the company's major stockholder since April 2006. The Anglo-Dutch Shell Corporation, Japan's Mitsui and Mitsubishi are also parties to the project.
According to financial sources, the JBIC earmarks about $3,700 million to finance the Sakhalin-2 while a consortium of four private banks (Japan's Tokyo-Mitsubishi-UFJ, Mizuho Corporate, and SMBC, as well as the French BNP Paribas) allocate approximately $1,600 million.
The aggregate cost of the Sakhalin-2 is about $20,000 million. Theproject stockholders have already agreed to invest jointly about $15,000 million in the project.
Earlier, Igor Ignatyev, head of the Moscow representative office of the SEC, said the project had entered the finishing phase -- it has been implemented 90 percent. "The construction of the main production facilities is to be completed towards the end of the current year.
It has become the key task now to finalise the process of getting project financing before the end of the first half of the year," he said.
The government of Japan attaches much importance to the Sakhalin-2 project. To a considerable extent, the country's energy companies havealready placed orders for liquefied gas, to be produced under the project, under long-term contracts. Tokyo regards this project as an important component of the ensurance of national energy security.
This will be a major undertaking of its kind since the world financial system was shaken by problems connected with the crisis of the mortgaging system in the United States, Japan's leading economic newspaper Nikkei reported on Tuesday.
The paper said an agreement on project-tied lending might be signed with the Sakhalin-2 project operator -- the Sakhalin Energy Company (SEC) -- as early as in mid-June.
Russia's Gazprom holding became the company's major stockholder since April 2006. The Anglo-Dutch Shell Corporation, Japan's Mitsui and Mitsubishi are also parties to the project.
According to financial sources, the JBIC earmarks about $3,700 million to finance the Sakhalin-2 while a consortium of four private banks (Japan's Tokyo-Mitsubishi-UFJ, Mizuho Corporate, and SMBC, as well as the French BNP Paribas) allocate approximately $1,600 million.
The aggregate cost of the Sakhalin-2 is about $20,000 million. Theproject stockholders have already agreed to invest jointly about $15,000 million in the project.
Earlier, Igor Ignatyev, head of the Moscow representative office of the SEC, said the project had entered the finishing phase -- it has been implemented 90 percent. "The construction of the main production facilities is to be completed towards the end of the current year.
It has become the key task now to finalise the process of getting project financing before the end of the first half of the year," he said.
The government of Japan attaches much importance to the Sakhalin-2 project. To a considerable extent, the country's energy companies havealready placed orders for liquefied gas, to be produced under the project, under long-term contracts. Tokyo regards this project as an important component of the ensurance of national energy security.
