Shtokman start-up hinges on credit

A Norwegian exploration drilling rig

Cash needed: to bring Shtokman on stream

OAO GAZPROM

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By News wires

 08 December 2008 10:13 GMT

Yuri Komarov, who heads the Shtokman Development Company, said today that credit availability will determine the start-up date of the massive gas development, in the Russian sector of the Barents Sea.



"Liquidity and the possibility of attracting credit resources is a very important issue. I have to say this is one of the most serious issues, which will determine the beginning of the project development start," Reuters quoted Komarov as saying.

Komarov added he hoped to raise the first funds for the project next year.

The Shtokman Development Company which combines Gazprom, Total and StatoilHydro. The group needs top raise between $15 billion and $20 billion to start Shtokman's first phase, which was originally scheduled to start up in 2013-2014.

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