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Eastern Europe
November 16, 2018 www.intellinews.com I Page 15
Russia's Gazprom has secretly borrowed €3.5bn abroad since August
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Russian gas giant Gazprom borrowed €3.5bn abroad in August-October 2018, but has not announced it publicly given the sanctions environment, Interfax and Vedomosti reported citing financial reports of the company.
In August reports claimed that Gazprom suspended its external borrowing plans due to the threat of le- gal action as part of its legal dispute with Ukraine's Naftogaz. Earlier Gazprom reportedly had to call off a road show for a potential GBP Eurobond issue in the middle of June needed to refinance $15.2bn in external debt by the end of 2018.
Nevertheless, the financial statements indicate that Gazprom borrowed €400mn in a loan with a
Russia's Gazprom has secretly borrowed €3.5bn abroad since August
maturity of 2023 in August, €700mn due by 2025 in September, and two loans of €1.2bn and €1.1bn in October from unnamed international banks and syndications.
In the meantime a separate report by Reuters claims that Gazprom has upgraded the capacity of one of its main projects Sila Sibiri (Power of Siberia) pipeline to China from 38bn cubic meters (bcm) to 48bcm. Reuters cited the information Gazprom presented to investors for an upcoming Eurobond issue.
Previously Gazprom officials already said that Sila Sibiri’s target capacity of 38bcm could be expanded once reached in 2025.
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