KURSK WILL BE LIFTED ON CREDIT

0
19

I.Bulavinov, I.Fedin Kommersant, March 27, 2001, p.3

SUMMARY:

Probably it is the last chance to raise $70 million and perform the operation this year.

According to Kommersant, representatives of the international consortium are expected to come to St. Petersburg on Wednesday March 28. I.Spassky, general director of Rubin designing bureau will be trying to convince them to sign the contract on hoisting the submarine and to start preliminary works. It is not quite clear how Mr.Spassky will be convincing the consortium, because Russia’s government still has not fulfilled its commitment to provide the half of the contract sum – $25-30 million. It was supposed that the contract would have been signed in February, but the situation has not changed so far.

It is quite probable that the government will have to apply for the loan in such circumstances, because President Putin personally promised to hoist Kursk this year.

On March 26 E.Nederkoot, a representative of ING Barrings, stated to Kommersant that the bank considered opportunities to allocate a loan for the project. According to Kommersant, the loan covering the total amount of expenses – $70 million – to be allocated under the guarantees of Russian government for five years is under consideration. Representatives of Russia’s finance ministry refused to give any comments in regard of the issue

LEAVE A REPLY