EximBank guarantees 70 M dollars loan for building gas pipeline

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Eximbank is going to guarantee a 70-million dollars loan to Oil Services Group (GSP) to build a submerged pipeline on the bottom of the Black Sea, reads a release of the bank.

EximBank and GSP have signed an agreement in which the bank agrees to guarantee a 70- million dollars loan to the oil group. The guarantee will allow the coming into force of an agreement worth 269 million dollars, signed back on November 19 by the GSP with Stroygazmontazh from the Russian Federation, according to which GSP was to build a pipeline in the Black Sea.

The project included the linking of the pipeline Dzhubga-Lazrevskow-Soci to the main inter-continental gas pipeline Russia-Turkey, in the Gorsky City, the Tuapse region. ‘The project with the GSP was very important to us and we are glad we were able to back again the development of such an ample Romanian project abroad’, the representatives of the bank have said. Guaranteeing loans to local business environment and mainly the exporters is part of EximBank’s strategy.

‘We have a rich guarantee portfolio, flexible on a wide range of businesses’, the bank officials also said. GSP was commissioned based on this contract to mount and install on the bottom of the sea a 150 km long, 20 inch (500 mm) pipeline for the transport of natural gas to Krasnodar Region, between localities of Dzhubga (south of Novorossiysk) and S oci, for the transport of gas from an exploitation field, as well as from the Trans-Siberian pipeline terminal.

The construction deadline for this pipeline is set mid-June and GSP construction becoming operational will mobilize more than one thousand specialists, a research, scanning and mapping ship of the bottom of the sea, two platforms for mounting the pipes, supply ships and a base ship for divers, as well as ships for the transport of the assembly elements. According to GSP representatives, this is the first project of this kind to be implemented by the company in Russia.

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