Gazprom bags VEB funds for Ust-Luga LNG project

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By Adnan Bajic Russian giant Gazprom has secured funds from its compatriot development bank, VEB, for its large liquefied natural gas export project in the Baltic port of Ust-Luga.

Courtesy of Gazprom

VEB said in its statement it has signed a loan deal with RusKhimAlliance, a joint venture between Gazprom and RusGazDobycha, for 55 billion Russian rubles ($730 million).

According to VEB’s website, its loan is limited to 111 billion Russian rubles ($1.48 billion). The funds will be allocated to finance FEED, advance payments under license agreements and subcontracts, including long lead items and other project related expenses.

Gazprom and RusGazDobycha set out to build the

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