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. Last Updated: 07/27/2016

Gazprom Nears Loan

MOSCOW -- State gas monopoly Gazprom said it was close to obtaining a loan from a consortium of Italian banks to build a pipeline from southern Russia to Turkey.

The loan for building the 1,200-kilometer pipeline, which would stretch across the Black Sea, would be underwritten by Italy's export credit-insurance agency SACE, said Yury Komarov, head of Gazprom's export arm, Gazexport.

Gazprom officials refused to say Wednesday how big the loan would be, or which Italian banks are involved.

SACE officials said they have not received any pipeline loan requests.