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No need for Gazprom recap on gas deal with China — finance minister

June 18, 2014, 14:35 UTC+3 MOSCOW
President Putin announced earlier this month that the government and Finance Ministry should consider recapitalizing for the amount needed to advance the project in Russia’s eastern regions
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Russian Finance Minister Anton Siluanov

Russian Finance Minister Anton Siluanov

© ITAR-TASS/Mikhail Dzhaparidze

Infographics Supplies of Russian natural gas to China Supplies of Russian natural gas to China
May 21, 2014, Gazprom and CNPC have signed a deal on gas supplies to China
MOSCOW, June 18. /ITAR-TASS/. Russian natural gas exporter Gazprom will not need recapitalization to support the $400 billion, 30-year deal signed with China's National Petroleum Corporation in May, Finance Minister Anton Siluanov told journalists on Wednesday.

Chinese banks had given Gazprom a $25 billion loan so resources existed to build a transportation network, the minister said, describing Gazprom as “a highly powerful company”.

President Vladimir Putin announced earlier this month that the government and Finance Ministry should consider recapitalizing for the amount needed to advance the project in Russia’s eastern regions.

However, Economic Development Minister Alexei Ulyukaev told ITAR-TASS that financing could be provided from the National Wealth Fund. Decisions on this would be taken this year though no detailed discussion had taken place yet, he said.

The deal with China will supply 38 billion cubic meters of gas annually.

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