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. Last Updated: 07/27/2016

$2.5M Sakhalin Credit

MOSCOW -- The Anivsky region, in the south of Far East island of Sakhalin, is set to get $2.5 million credit that will finance a natural-gas supply project for agricultural- and fish-processing facilities, Interfax reported Monday.

The credit will come from the Moscow subsidiary of Germany's Dresdner Bank. It became possible after lawmakers in the Sakhalin regional government approved a proposal on the investment from the local administration, the agency reported.

Financing of the project will start almost immediately, said Anatoly Kholodin, deputy governor of the region.

The operator for the project is the state-run Sakhalinsk oil company with a license to develop the Anivsky gas deposit and extract and deliver as much as 16 million cubic meters of gas a year.