Gazprom May Attract Loans for Implementation of Nord Stream 2 Project - Novak

MOSCOW (Pakistan Point News / Sputnik - 04th October, 2018) Russian energy giant Gazprom may attract loans both from banks and through bonds for implementation of the Nord Stream 2 project, Russian Energy Minister Alexander Novak said in an interview with Sputnik on the sidelines of the Russian Energy Week.

"Expenses for the project will be recouped... so borrowed funds may be attracted," Novak said when asked how Nord Stream 2 will be financed if the US sanctions affect it and Gazprom partners are forced to quit it.

The minister pointed out that Gazprom would find the most favorable and preferential source for financing the project.

"The project is partially financed, a special project company has been created for it, and these may be both bonds and borrowings from banks.

The company [Gazprom] will determine the most favorable and preferential source," he said.

Novak noted that Gazprom did not expect participants of the Nord Stream 2 project to withdraw from it.

"We do not expect someone to withdraw. There are statements of separate companies that they will not pull out under any circumstances," the minister said, adding that the project is attractive and profitable for its participants.

The Nord Stream 2 is a joint venture of Russia's Gazprom with France's Engie, Austria's OMV AG, UK-Dutch Royal Dutch Shell, and Germany's Uniper and Wintershall. It aims to deliver 55 billion cubic meters of Russian natural gas a year to the European Union.