Sakhalin 2 (2008-2009)
Key information:
- Phase 2 «Sakhalin-2» (LNG plant, 9.6 million tons per year)
- Sponsors: Gazprom, Shell, Mitsui and Mitsubishi
- Financial consultants: SEIC, Credit Suisse
- Gazprom financial advisors: Gazprombank, RPFB
- Debt $6.7 bln (Tranche 1 – $5.3 bln in 2008, Tranche 2 $1.4 bln in 2009)
- Creditors: JBIC/NEXI, international banks
Organizational and financing features:
- Untied Government Funding (Japan) – natural resource import support program
- Structuring relationships with partners
- Purchase – sale agreements
- Attracting additional sources of financing
- Analysis and optimization of financing sources
- Untied Funding from ECA
- Structuring project finance in the PSA regime
- Assistance to creditors under the control program – preparation and revision of the «Base Scenario» for banks
- Share purchase agreements, World Bank negative pledge
- Preparation of project bond issue for additional financing (2011-2014, cancelled at an advanced stage)
Sakhalin 2 – financing structure