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. Last Updated: 07/27/2016

Gazprom Bond Issue Confirmed

Russia's natural gas giant Gazprom on Monday confirmed plans to issue its first Eurobond next year to raise money for the Yamal-Europe gas pipeline, officials said.

"Gazprom will be the first Russian enterprise to plan the bond offer to the European market in 1997,'' said Eduard Ivanov, head of the company's securities department.

Ivanov told Itar-Tass that details have yet to be worked out.

Last month, Gazprom placed 1.15 percent of its shares in the form of American Depositary Receipts on the London Stock Exchange, meeting huge demand from foreign investors.

The company's Eurobond debut will follow Russia's first sovereign issue on that market since the 1917 revolution, which is slated for late this month.

Gazprom wants to pour the bond revenues into the Yamal-Europe pipeline project, which will bring natural gas from the Russian Arctic peninsula to Europe.

The cost of the project is estimated at $40 billion.