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EBRD withdraws financial support for Sakhalin-2

01/22/2007
The European Bank for Reconstruction & Development (EBRD) will not offer financial support for the controversial Sakhalin-2 oil and gas project in Russia following the change in majority control of Sakhalin Energy Investment Co. (SEIC), the company behind the $20 billion proposal. Over the past 5 years, EBRD had reviewed the project and was considering offering a $300 million syndicated loan to SEIC.EBRD said, “If the new group of shareholders were to request it and make a case that the project could be eligible for EBRD investment, the bank could consider financing in the future. The closer the project comes to completion, however, the less value EBRD financing could add.&rdquo...
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