SACE, €408M Guarantee for the Portovaya Compressor Station

SACE, Italy’s provider of credit insurance, investment protection and contractual guarantees to cover political and commercial risk, approved a guarantee on the € 408m loan granted to Gazprom OAO for the purchase and construction of gas treatment facilities for the Portovaya compressor station, near the town of Vyborg (Russia).
The facilities will be supplied by Siirtec Nigi, an Italian engineering and contracting company specialized in the design and supply of process plants and equipment for oil and gas treatment.
The Shtokman gas and condensate field will be a resource base for gas deliveries pumped via the Portovaya facility to the Nord Stream submarine pipeline, which is currently under construction, linking Russia to Germany through the Baltic Sea for average 1.200 kilometres.
The pipeline will increase and stabilize Europe’s gas supply from Russia, the world’s largest producer of natural gas.

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