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Article: Nord Stream on track, says CFO.
- Article from:
- World Gas Intelligence
- Article date:
- December 10, 2008
CopyrightCOPYRIGHT 2008 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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After more than two years of informal talks with more than 20 banks, the Gazprom-led Nord Stream pipeline project expects to launch a formal "market sounding" of potential financiers early in 2009, Nord Stream Chief Financial Officer Paul Corcoran tells WGI. "We have an excellent offering and, even in this difficult market, we will find backing. We aim to have first drawdown of the funds in July 2009," he said in an interview last week.
"Gazprom has a ship-or-pay contract, so 100% of the capacity is booked. That's one of the attractive aspects for lenders," he added, with contracts signed by Gazprom for 21 billion cubic meters per year (2 billion cubic feet per ...