Board of Directors of Gazprom has approved a 310 million euros loan to South Stream Transport B.V. to finance the construction of the Turkish Stream gas pipeline, Gazprom said in a statement, TASS reported.
The loan will be granted for 3.5 years.
"South Stream Transport BV will use the funds granted by Gazprom to finance the costs on the Turkish Stream project, including payments under the contracts for the supply of tubular products and equipment, storage and performance of construction work, contracts for the purchase of goods, works and services, as well as general administrative expenses," the report says.
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