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Elections set to cloud better financing conditions in Russian oil and gas

03 November 2011

As two headline projects reach financial close, international players have gained further footholds in Russia’s oil and gas community. Looming elections hint at slower decision-making at Russia’s domestic hydrocarbon champions. By Antony Collins.

Read more: [gazprom] [nord stream] [sace] [euler] [bask] [rosneft] [edf] [eni] [e.on]

Russia has a tempestuous record in accommodating foreign oil and gas investment, which makes the senior debt agree­ments for the Nord Stream 2 and Yuzhno-Russkoye projects, both closed this year, all the more impressive. Nord Stream, the second stage of the $8.8 billion twin 1,220km gas pipe-line running between Russia and Germany under the Baltic Sea was the first to close. Yuzhno-Russkoye – a Eu1.3 bil­lion ($1.2 billion) oil and gas field pro­ject to tap into reserves of around 833.5 billion cubic metres of gas – soon followed. These two deals were particularly symbolic giving the concurrent high-profile collapse of a pro­pos­ed alliance bet­ween BP and state-owned company Rosneft. The partnership was plunged into disarray after disputes bet­ween BP and its fellow shareholder in the TNK-BP 50/50 joint venture, Alfa-Access-Renova, regard­ing what rights the company had over explor­a­tion rights in Russia. The dis­pute de­rail­ed the agree­ment with Ros­neft, which covered...


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