Gazprom Steps Up Efforts for LNG Projects

Russia’ Gazprom and Gazprombank signed an agreement to increase cooperation on LNG projects.

Alexey Miller, Chairman of the Gazprom Management Committee and Andrey Akimov, Chairman of the Gazprombank Management Board signed the contract through which Gazprombank will have a voice in the Baltic LNG and in the Vladivostok LNG projects.

‘Gazprombank jointly with Gazprom will hold negotiations with international and Russian financial institutions to obtain equity and external financing for the project companies,’ reads the note released on Thursday. 

The bank will have also the opportunity to acquire a stake in the project companies set upt to implement the two projects. 

As the standoff between West and Russia continues over Crimea, Europe could need more LNG from Russia and elsewhere to decrease its reliance on the wobbly transit through Ukraine.

The Vladivostok LNG project was recently reported to be at least a year behind schedule.