Gazprom will have to build the second phase of Nord stream for its own account, which can be a daunting task.
New US sanctions against Russian export pipelines began to interfere with the construction of Nord stream-2 the threat of their use.
Sanctions make financing of such projects as Nord stream-2, almost impossible, said OMV CEO Rainer Seele. The lack of clarification of the U.S. Treasury application of the new law, creates uncertainty, which makes it impossible to understand the sources of investment, complained Seele, the scheme of financing of the project may have to reconsider.
The cost of the second phase of Nord stream is estimated at 9.5 billion euros. Gazprom is the sole shareholder of Nord Stream AG 2, which is building the pipeline. In April 2017, Gazprom, Engie, OMV, Royal Dutch Shell, Uniper and Wintershall signed an agreement on the funding model of construction. European companies have pledged to 4.75 billion euros in long-term loans. Part of the funds – $1,425 billion ($285 million) each partner has pledged in 2017 and have time to do it before the introduction of new us sanctions. For the same amount of Gazprom has increased the capitalisation of Nord Stream AG, 2.
Thus, Nord stream-2 got 30% of the funding.
The remaining 70% (about $6.5 billion) Gazprom is expected to attract in the form of project financing. The loan was considered by the European banks, but us sanctions put their participation into question.
“Partners will have to rely more and more on their own funds and to work with Russian or Asian banks,” stated Seele. But even in this case, to attract project financing for 70% of the cost of Nord stream-2 could not happen, he said. – That part we probably will fail. But the management of the project, obviously, now will look for other opportunities for funding.”
Did not rule out Seele and pessimistic variant. “If any Bank not a single Euro will not, we may have 100% of their own funds to Finance the entire project,” warned the General Director of OMV.
Fully to raise $6.5 billion in the form of project financing can be difficult, says Dmitry marinchenko from Fitch. “Under the threat of sanctions on raising Finance from a syndicate of international banks, however. If the credit difficulties, the financing will have to at some point provide to Gazprom at the expense of own funds”, – said the expert.
Gazprom management believes that any development project will be implemented in time. Nord stream-2 will be financed fully, passed through the press Secretary to the edition, the head of Gazprom Alexey Miller.
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