Shell to invest billions in Sachalin

MOSCOW – Shell expects to invest up to 20 billion (10^9) US Dollars in the Russian peninsula of Sachalin. 6 to 7 billion will be financed externally through loans. The Dutch-English oil company is negotiating with several financial institutions.

For the winning of oil and gas along the coast of Sachalin, 20 billion Dollars of investment is necessary. A third of that money must come from loans, according to Shell’s spokesperson Malcolm Brinded monday in Moscow. Among the financial institutions involved are the East-European bank, The Japanese bank JBIC, the American Eximbank and British Export Credit Guarantee Department.

According to Brinded this comprises one of the largest international investments ever. Just like other oil companies, Shell looks in ever more inhospitable places for oil and gas. New figures suggest that development costs of the oilfield near Sacharin will be much higher then earlier ramifications.

Above text is a translation of:
http://www.nu.nl/news/692714/32/Shell_verwacht_miljardenlening_voor_Sachalin.html
http://www.dft.nl/nieuws/9025775/Shell_verwacht_miljardenlening_voor_Sachalin.html

Warning: opening link will expose you to the Dutch language

miljard = 10^9 = a thousand millions (British English) = billion (American English)