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Financing Of Nord Stream II Will Be Revised
September 20, 2017 22:14


Gazprom's European partners for Nord Stream II are likely to be forced to revise the project financing scheme because of US sanctions. This was stated by the President of the Russian-German Chamber of Foreign Trade, the Head of the oil and gas company OMV Rainer Seele.

"Surely, in Nord Stream-2 Project we, apparently, will have to review the financing situation, but the obligations to bring the project to the end remain," he said. Seele explained that the revision would affect the part of the financing at the rate of 70 percent, which they expected to attract in the form of loans.

"It seems that we will not be able to fulfill this part on such a scale. But the project management, obviously, will now look for other opportunities for financing," the manager noted. According to him, the European partners of the Russian gas holding, in particular, will need to check the compliance with the requirements of export financing agencies, as well as to assess the impact of sanctions on the project. Seele stressed that it may have to work more actively with Russian and Asian banks than with European or American banks. The Head of OMV added that the partners, if necessary, can use their own capital.


Author: Anna Dorozhkina


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