16:31 GMT +324 September 2018
Listen Live
    Business

    Investment in Russia's Shtokman gas field hits $500 mln

    Business
    Get short URL
    0 11

    Companies developing the Shtokman gas condensate field in the Russian sector of the Barents Sea have so far invested $500 million, the project operator said on Tuesday.

    MOSCOW, September 22 (RIA Novosti) - Companies developing the Shtokman gas condensate field in the Russian sector of the Barents Sea have so far invested $500 million, the project operator said on Tuesday.

    "To date, about $500 million has been spent, in proportion with the stakes of participants," Shtokman Development AG's managing director Yury Komarov said, adding that Gazprom accounted for half the amount.

    Gazprom has a 51% stake in the project, while France's Total and Norway's StatoilHydro have 25% and 24%, respectively.

    Komarov previously said $1 billion would need to be invested at the initial stage. Total costs are expected at $30 billion.

    He also said Shtokman Development AG could start talks with Russian and Western banks to provide funding for the project in late 2009-early 2010, and that at least 60% of the project costs would be met through loans.

    Shtokman, with estimated reserves of 3.8 trillion cubic meters, is to feed Nord Stream, a gas pipeline set to link Russia and the European Union via the Baltic Sea.

     

    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment