17.11.2008
DnB Nor, the biggest bank in Norway, is ready to provide the Shtokman field partners with credits for the development of the huge Barents Sea field, a bank representative confirmed in an oil and gas conference in Murmansk this week.

In his conference presentation, bank representative Bjørn Celius said that DnB NOR is ready to do what it can to financially support the quick realization of Shtokman objects and speed up the development process, a press release on the bank website reports.

-Today there is a major demand for more than five-year credits, but the problem is that situation on the world markets has made it very difficult for the Russian banks to provide such credits, the bank representative said.

-Both we and our subsidiary DnB NOR Monchebank have such a possibility, Mr. Celius said, adding that the bank already now finances projects with such credits.

-We are ready to provide bank guarantees to the financially sustainable companies, in order to make these successfully participate in tenders organised by the oil and gas companies, he continued.

The bank representative also said that he hopes the Shtokman partners will be use the DnB NOR bank network for international transactions in the Shtokman project.

The Norwegian bank

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