Yamal mega-project delays not linked to Russia crisis

By Michael Turner
19 Jun 2014

A multi-billion dollar project finance facility for Gazprom, the Russian state-owned gas firm, to develop the Yamal gas field has been delayed because of the intricacies of putting together such a big deal, and not because of the Russian diplomatic crisis, according to senior loans bankers.

Yamal — dubbed a "mega-project" by Gazprom — held a bank meeting in November, but since then loans bankers have heard nothing.

"We were all expecting the deal to move along quickly," said a senior project finance banker, "but we've heard nothing."

Russian corporate loans have faced challenges ...

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