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Gazprom mulls raising funding from Chinese banks amid sanctions — deputy CEO

December 26, 2014, 13:27 UTC+3 MOSCOW
Due to the western sanctions, which include a ban on loans of over 90 days, Gazprom is looking for new sources of funding and focuses on Asian financial institutions
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© ITAR-TASS/Stanislav Krasilnikov

MOSCOW, December 26. /TASS/. Russian gas giant Gazprom is considering raising loans from Chinese banks for general corporate needs, Gazprom Chief Finance Officer and deputy CEO Andrey Kruglov said on Friday.

“We see Chinese commercial banks not only as our key partners to finance facilities necessary for gas supplies to China but also as possible organizers of Gazprom’s funding for corporate needs,” he said.

Due to the western sanctions, which include a ban on loans of over 90 days, Gazprom is looking for new sources of funding and focuses on Asian financial institutions, Kruglov said.

At the moment, the company is looking into prospects of cooperation with a whole group of banks, including for trade and corporate financing, the issuance of Gazprom’s bonds in offshore yuans in Hong Kong and the establishment of a ruble-yuan settlement system, he said.

The offshore yuan is an offshore version of the Chinese currency introduced by the Hong Kong Monetary Authority and China’s Central Bank to help investors outside mainland China raise capital in the Chinese currency.

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