Bank of China grants EUR 2 bln to Gazprom in loan

The 5-years loan will finance the Power of Siberia pipeline project
Bank of China grants EUR 2 bln to Gazprom in loan
03 March 15:15 2016 Print This Article

The Bank of China will grant Russian energy giant GazpromEUR  2 bln on a 5-year loan, reports Sputniknews with reference to the company’s statement released on Thursday.

“Today in Shanghai, Gazprom, and Bank of China Limited, London Branch concluded an agreement on granting a loan in the amount of EUR 2 billion for a period of five years,” Gazprom said in the press note.

The loan will finance the construction of the Power of Siberia pipeline.

“This is the largest deal in Gazprom’s history based on the size of financing obtained directly from one credit organization, and the first bilateral credit deal with a Chinese bank,” the Gazprom statement reads.

On September 3, Moscow and Beijing signed a memorandum on the supply of 61 billion cubic meters of gas annually from Russia’s Far East to China, starting from 2019.

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Cecilia Valentini
Cecilia Valentini

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