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Gazprom OAO and Gazprombank OAO sign deal to develop Russian LNG plants-Interfax

Wednesday, 5 Mar 2014 06:03am EST 

Gazprom OAO:The heads of Gazprom and Gazprombank, Alexei Miller and Andrei Akimov, signed a cooperation agreement for the development of the Baltic and Vladivostok liquefied natural gas (LNG) projects, Gazprom said in a statement-Interfax.Gazprom will be the majority shareholder in companies set up to deliver the projects, and Gazprombank will have the opportunity to buy stakes in these companies.The project companies will own the LNG plants and other necessary production capacity, and will be responsible for projects at all stages, including blueprints.Gazprom and the bank will conduct negotiations with international and Russian financial institutions on raising equity and external funding for the companies.Gazprom will support the project companies partly by locating the best sites for the LNG plants and obtaining the right to lease or acquire land for construction, and by providing the plants with the necessary volumes of gas.Gazprombank will draft and submit to Gazprom a detailed plan to finance the projects. 

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