Sberbank and Transneft have signed an agreement on intentions in the sphere of financing investment projects and programs totaling up to $900m, Sberbank President Andrey Kazmin declared today. According to the signed document, in June 2003 Sberbank will give credits to Transneft worth 10bn rubles ($323m) to finance the project aimed at enlarging the capacity of the Baltic Pipeline System. By the end of 2003, financing can be raised to 16.8bn rubles ($542m).
Kazmin admitted that this had been one of the largest investment credits provided by Sberbank. The bank is going to continue cooperation with Transneft in investment projects, he added.
The discovery of the submarine has unveiled a few "inconsistencies." For example, how can one explain the fact that the sub was found where it needed to be searched for from the start?
The TurkStream, which runs along the bottom of the Black Sea from Russia's Anapa to Turkey, will consist of two lines, each with a capacity of 15.75 billion cubic meters of gas a year