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Gazprom approves €2.14 bln to Turkish Stream company

Gazprom's board has approved the loan for South Stream Transport.
By Staff reporter 4 June 2018 Europe & Russia / Companies & Finance 0 31133

Gazprom’s board of directors has approved a loan of €2.14 billion ($2.51 billion) to South Stream Transport, the subsidiary building and operating the Turkish section of the Turkish Stream pipeline, Interfax reported on Monday.

The funds are being provided “to replenish working capital” until the end of 2023. The interest rate for the loan has been set at 3.98% per year but can be revised. Gazprom granted a €310 million loan to South Stream Transport at the end of 2016 to help finance...