Construction of the «South Stream» sea part may start in 2014
Company South Stream Transport, operator of the sea section of «South Stream» gas pipeline, has stated that during 2013 it plans to hold tenders to select materials and contractors, while the construction of the sea pipeline could begin in 2014.
According to the company’s press service, the company is confident, it will be able to raise the necessary funding. At present, its financial consultants are ING Bank, Credit Agricole and Russian Project Finance Bank. It is possible that loans could reach 70%, and shareholders' equity - 30%, though the proportion is still being discussed.
After obtaining results of the tenders to be held in 2013, it will be possible to give an exact cost of the sea section construction.
English translation by BSN
Adapted from Portnews