American banks ready to credit field development in Russia's north

U.S. banks are ready to credit the development of oil fields and the construction of oil pipelines in the north of Russia, Andrei Sharonov told RIA Novosti following a discussion of cooperation in the oil and gas sector held at the Russian-American business summit in St.Petersburg. Sharonov is the Russian first deputy minister for economic development and trade.

According to Sharonov, the American credit insurance agency OPIC has voiced its readiness to allocate up to $300 mln. for an investment project and U.S. Eximbank is ready to allocate from $200 to $250 mln. for a project.

In Sharonov's estimate, the Russian oil and gas sector needs investment. An oil pipeline to the Murmansk port alone costs $3 bln.