Gazprom May Get 27% Stake In Rabaska
AFX News Limited
Monday, October 13, 2008

Russian gas export monopoly Gazprom may get a 27 percent stake in Canada's Rabaska liquefied natural gas (LNG) terminal, a top executive of France's GDF Suez was quoted as saying on Monday.

Gazprom can get the stake from the current shareholders, Canada's Enbridge Inc and Gaz Metro and GDF Suez, which will reduce their stakes in the terminal, a Gazprom spokesman quoted Jean-Francois Cirelli, GDF Suez's vice president, as saying at a Friday briefing in Paris.

Gazprom confirmed that talks were going on but declined to disclose the sum or other details of the possible deal.

In May, Gazprom said it was joining Enbridge Inc, Gaz Metro and Gaz de France in developing an $866 million LNG project in Quebec.

The plan provided that Gazprom take an unspecified stake in the Rabaska terminal but Canadian Prime Minister Stephen Harper said in August that gas deals with Russia could be put at risk after Russia's military action in Georgia.

The terminal is due to be built by 2014, when Gazprom, the world's largest natural gas producer, plans to launch its giant LNG project, Shtokman, on the Barents Sea.

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