Serbia; South Stream in Serbia to be financed by Sberbank and Gazprombank says Bajatovic CEO Srbijagas

12. June 2013. / News Serbia Energy

Managing Director of “Srbijagas”, Dusan Bajatovic stated in Amsterdam that construction of South Stream will be completely financed by Russian banks or “Gasprom” itself.

Bajatovic, who was chosen as a member of European Business Conference organization for the fourth time, said that ideological project is finished and it is being worked on the finalization of final technical project, which supposes to be finished by 30 June, at the moment.

-We expect financial team from Gasprom  and banks which will follow South Stream to come at Monday, Sberbank and Gasprombank before all, and then we’ll start conversations about new financing of South Stream that should increase participation of Russian capital in financing of this project and to practically make everything easier- Bajatovic explained.

He added that “no matter if these are credits or loans from Gasprom to Srbijagas, mostly South Stream will be completely financed by Russian banks or Gasprom completely with the most profitable financial conditions on market”. Bajatovic said that beginning of works is expected at the end of November i.e. in the beginning of December, and buyout of parcels i.e. partial expropriation will begin by then as he precised and only small part of parcels will be bought out permanently.

According to his words, the money for this is already prepared and realization of competition for assets that should pay amends shall begin.

Bajatovic stressed that “all other preparation works are completed in 80 to 90% and confirmation of revision that project is technically done is being awaited what means that we can expects tenders for work performers in September.

Source; Serbia Energy/Agencies

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