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. Last Updated: 07/27/2016

Gazprom Loan Backed

MOSCOW -- Russian gas giant Gazprom has been offered a $600 million loan guarantee by Japanese export credit agency JBIC-MITI to build a pipeline to Turkey, deputy chief executive Sergei Dubinin said Wednesday.

Italian export credit agency SACE already has offered $1 billion in guarantees for the Blue Stream line, which would run under the Black Sea to Turkey at a total cost estimated between $1.6 billion and $1.7 billion.

Construction of the line, which will eventually carry 16 billion cubic meters of gas per year, began in February.