Credits to finance Shtokman development
Up to 70 percent of the necessary financing of the Shtokman field in the Barents Sea will be based on credits, head of the Shtokman Development Company said today.
Mr. Yuri Komarov confirms that 70 percent of the huge gas project in the Barents Sea will be funded with credits, RIA Novosti reports. He also said that he hopes that the project partners Total and StatoilHydro will contribute with “serious sums”. -We hope that the financial crisis will be overcome by next year when we enter the financial market, he told RIA Novosti. –We expect that the partners will invest serious volumes, he added. The Shtokman project is currently in the planning phase. According to Gazprom’s plans a final investment decision is to be made by September 2009. The planning phase has been financed primarily by Total and StatoilHydro which both paid more than 800 million USD as their “entry tickets” to the project. The Shtokman Development Company, owned by Gazprom (51%), Total (25%) and StatoilHydro (24%) is currently preparing for the implementation phase of the gas project. A Norwegian oil and gas expert says to BarentsObserver that the reported 70 percent stake of credits indicates that the Shtokman Development Company actually has substantial own capital available.
