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| Sakhalin Energy signs additional finance contract Sakhalin Energy Investment Company Ltd. (Sakhalin Energy), a company jointly owned by OAO Gazprom (Gazprom), Royal Dutch Shell plc (Shell), Mitsui & Co., Ltd. (Mitsui) and Mitsubishi Corporation (Mitsubishi) with Mitsui holding a 12.5% stake, signed a US$1.4 billion project finance contract with a consortium of international commercial banks. Nippon Export and Investment Insurance (NEXI), an export credit agency owned by the Japanese government, will provide overseas united loan insurance (investment and loan insurance for natural resources and energy). Based on the project finance contract and the NEXI insurance, the consortium banks will provide Sakhalin Energy with fund totaling US$1.4 billion. In this context, Mitsui, along with other shareholders of Sakhalin Energy, signed a sponsor guarantee contract providing guarantees for the loan until the completion of the project. Sakhalin Energy already signed a US$ 5.3 billion project finance contract with Japan Bank for International Cooperation (JBIC) and a consortium of international commercial banks in June, 2008 to fund a part of the development cost of the project. The US$1.4 billion this time is additional funding and will be used to finance the completion of the full scope of works of the Sakhalin-2 Phase II project, including the ongoing drilling program for gas and oil production. write your comments about the article :: © 2009 Construction News :: home page |