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South Stream Appoints Banks For Offshore Section Financing

The OAO Gazprom (GAZP.RS)-led South Stream natural-gas pipeline project has appointed units of Credit Agricole SA (ACA.FR), ING Bank NV and Russia's RPFB Project Finance as joint financial advisors for its offshore section, the consortium said Wednesday.
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Τετ, 4 Απριλίου 2012 - 17:33
The OAO Gazprom (GAZP.RS)-led South Stream natural-gas pipeline project has appointed units of Credit Agricole SA (ACA.FR), ING Bank NV and Russia 's RPFB Project Finance as joint financial advisors for its offshore section, the consortium said Wednesday.

South Stream--a joint project controlled by Gazprom, with Italy's Eni SpA (E), Germany's BASF SE (BAS.XE) and France's Electricite de France SA (EDF.FR) as minority partners--is envisioned to carry up to 63 billion cubic meters of Russian gas a year under the Black Sea to Europe, with first deliveries due in 2015.

The shareholders plan to make a final investment decision on the pipeline in November and start construction in December.

The project still lacks European Commission approval for the onshore section of the pipeline in Europe .

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