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20

Gazprom will offer financial support to Russian pipe makers

Gazprom is ready to offer financial guarantees to Russian pipe makers that borrow from banks to cover orders, the gas export monopoly said Friday.

 

Gazprom is ready to offer financial guarantees to Russian pipe makers that borrow from banks to cover orders, the gas export monopoly said Friday. The borrowing will be less than 62 billion rubles ($2 billion), said the spokesman, who declined to be identified, citing company policy. He did not give further details.

 

Gazprom plans to buy 700,000 metric tons more pipe than initially planned this year as it seeks to speed up work on new domestic links, Vedomosti reported Friday. The gas producer offered financial guarantees because it will not have sufficient funds until 2011, the newspaper reported, citing the Pipe Producers Association.  

Source : Bloomberg