Economics
Total Hunts for Russian Gas Project Financing After Sanctions
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Total SA, Europe’s second-biggest oil company, is searching for alternative financing for a $27 billion Russian natural gas project in the Arctic after sanctions barred dollar loans.
The company wants to get financing from French and Italian export-credit agencies as well as loans denominated in Chinese and Russian currencies, according to Chief Financial Officer Patrick de La Chevardiere. Total, which holds 20 percent of the project, is no longer counting on production starting in 2017 as originally planned.