pipeline “South Stream” will require another 7.5 billion euros of investments in excess of the planned 16 billion euros, say in “Gazprom”. Increase in costs caused by the sanctions from the United States, experts call it negative and say that deliveries via Ukraine would be much cheaper.
The cost of the pipeline “South Stream” will once again increase. As reported on Thursday, “Interfax” referring to the first deputy head of the financial and economic department of “Gazprom” Alexander Ivannikova, the cost of the project will amount to 23.5 billion euros (14 billion euros is required for the installation of the offshore part of 9.5 billion euros – for the construction of pipes on land). Previously called the figure of 16 billion euros (10 billion euros – the sea and 6 billion euros – the land of).
«South Stream” – the gas pipeline project, initiated by “Gazprom”. Pipe capacity of 63 billion cubic meters a year should be laid under the Black Sea from Anapa to Bulgarian Varna, and then, by land, to the Austrian Baumgarten, where the gas hub. “South Stream” is designed to reduce transit risks in the supply of Russian gas to Europe, which arise in the transportation of gas through Ukraine. “Gazprom” in the project has a 50%, 20% owned by the Italian Eni, 15% owned by the French Electricite de France (EDF) and Germany’s Wintershall.
The most interesting is that the original (back in 2009), “Gazprom”, referring to the investments in the “South Stream”, put the figure at 25 billion euros.
Later, the head of the gas monopoly Alexei Miller suddenly said that cost would be 8 6 billion euros. However, already in 2010, “Gazprom” has increased the estimate to 15.5 billion euros. And only after that start to appear in the figure of 16 billion euros.
«News an increase in costs is negative for “Gazprom” – says analyst “Ankor-Invest” Sergei Vakhrameev. – The basic plan was the amount $ 20.4 billion (15.5 billion euros), but she had to decline even as part of the investment is planned to produce in dollars (for example, the expansion of the Russian gas transport system for the “South Stream”), and the exchange rate of the ruble against the dollar since the announcement of the total cost has fallen markedly ».
« One of the obvious reasons for a rise in price growth – the cost of capital of “Gazprom” because of sanctions the United States “- said the head of East European Gas Analysis Mikhail Korchemkin.
Earlier States and the EU have imposed restrictions on lending to a number of Russian companies. By the way, because of the American sanctions “Gazprom” has already suffered – the company was unable to raise $ 520 million for the construction of gas chemical complex in Novy Urengoy. America on September 12 included a gas monopoly in the new sanctions list, and on the same day, just a few hours, “Gazprom” to cancel the tender for the organization of loans for $ 220 million and $ 300 million “due to lack of applications from the banks.”
For the construction of the “South Stream”, “Gazprom”, according Ivannikova, intends to raise the guarantee agency EXIAR (“daughter” Vnesheconombank engaged in export credit insurance and investment).
«Structures Vnesheconombank without a doubt, be able to provide such guarantees, as, in fact, they are backed by the Russian government, for which € 7.5 billion are not unaffordable sum, – says head of research at QB Finance Dmitry Kip. – We do not expect that the Russian gas giant may have problems with financing. The main risks the “South Stream” – political ».
Judge recalls that, despite the obvious economic viability in the context of recent events in the Ukraine, European officials are” Gazprom “and the” South Stream “in particular, are very wary and may interfere with the Russian gas giant to diversify supplies to Europe.
«Gazprom» still can not agree with the European Commission on the “South Stream” – the EC insists that the project should fully comply with the European legislation, and in particular – Third Energy Package, which prohibits a the same company supplying gas and deal with its transportation.
Transit through Ukraine because of the conflict of “Gazprom” and “Naftogaz” (Ukrainian company owes $ 5.3 billion in mid-June and is not receiving gas from Russia ) threatened for the past few months, however, Europe, even seeing it, not in a hurry to meet the “Gazprom” with its “South Stream”. However, in light of recent allegations of “Gazprom” Ukrainian route can be even more profitable – but only in economic terms.
«Appreciation of” South Stream “leads to a rise in the cost of Russian gas – warns Michael Korchemkin. – Transportation by-pass route would cost many times more than Ukraine ».
By the way, even if Ukraine Viktor Yanukovych has repeatedly called on Russia to abandon the” South Stream “and invest in the modernization of the Ukrainian gas transport System for increasing its capacity. But, given the unreliability of Ukraine as a transit country, Russia has refused from such an option. Actually, the “South Stream” and originally conceived in order to avoid the risk Ukrainian.
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