The question raised by these negative trends is whether Gazprom will be able to raise sufficient finance
to simultaneously support:
 four offshore pipelines to Turkey replacing South Stream;
 the Power of Siberia pipeline for which a 38 Bcm/year contract has been signed with CNPC
with deliveries to start around 2018;
 the Altai pipeline from Western Siberia to the Chinese border if a 30 Bcm/year contract is
signed this year (which both sides have indicated is a possibility) with deliveries starting around
2020.
We have suggested above that Gazprom will – initially at least – build only two Black Sea lines to
Turkey, for which much of the investment has already been sunk, and the company is already
contractually committed to building the Power of Siberia pipeline. But whether it will be possible to raise
substantial external finance – in addition to the requirements for these projects – and specifically the
$18.5bn required for the Altai pipeline to China prior to 2020, remains uncertain.57
 

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