Yuzhno-Russkoye – Project Finance (Phase 1)
Yuzhno-Russkoye – Project Finance (Phase 1)

Yuzhno-Russkoye – Project Finance (Phase 1)

Yuzhno-Russkoye – Project Finance (Phase 1) (2006-2011)

Key information:

  • Development of Yuzhno-Russkoye oil & gas field (25 bln m3)
  • Sponsors: Gazprom, Wintershall, Uniper
  • Financial consultants: Societe Generale, RPFB
  • Syndicated loan from international and Russian banks – 0.47 bln euro, USD 0.66 bln and 6 bln RUB

 

Organizational and financing features:

  • Innovative transaction: first project finance on the basis of Russian contractual structure
  • Combination of Russian and international financing sources – first project finance on the basis of Russian contractual structure
  • Financing as a part of asset swap agreement
  • “Cost-plus” formula, multicurrency financing: use of RUB tranche, assessment of financing costs in different currencies
  • Multi-currency financing
  • Bridge loan under the guarantees of each shareholder with funding cost equalization mechanism

Yuzhno-Russkoe 1 – financing structure