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17 Jun, 2008 11:04

Japanese bank funds Russia’s major gas project

Sakhalin Energy, operator of the huge Sakhalin-II gas project in Russia's Far East, has secured $US 5.3 billion to finance the project's second phase.

The Japan Bank for International Cooperation will provide $US 3.7 billion with the rest coming from a consortium of international banks.  The funds will finance the final stages of construction, testing and commissioning of Phase II, which will deliver liquefied natural gas to Japan, South Korea and the US.

Gazprom obtained a controlling share of Sakhalin Energy in April 2007. Gazprom now owns Sakhalin Energy with a 50% plus one stake. 27.5% belongs to Shell, 12.5% to Mitsui and 10% to Mitsubishi.  

The Sakhalin-II field reserves make up about 4 billion barrels of oil equivalent. The current productive capacity is 90 thousand barrels per day. The planned capacities are to reach 380 thousand barrels per day.