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Russian PM says Baltic LNG project needs state support

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LNG Industry,

According to Reuters, Russian Prime Minister Dmitry Medvedev has stated that it will be impossible to build Gazprom’s new chemical and LNG project in the Baltic port of Ust-Luga without support from the state.

Reportedly, state development bank VEB later said that it would invest up to 111 billion roubles in the project. According to Reuters, Gazprom has estimated the total costs of the project to be 900 billion roubles.

Reuters reports that the Russian sovereign fund and other state banks could also provide financing for the project.

Medvedev said: “It’s big and expensive.

“(The project) certainly requires careful attention from the state, taking into account that this project can not kick off without it.”

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