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U.K. Stalls on Sakhalin

The U.K. has yet to reach a decision on a $1 billion loan for the Sakhalin-2 oil and natural-gas development off Russia’s Pacific coast after four years of deliberating.

Britain’s Export Credit Guarantee Department hasn’t decided if the project meets its environmental criteria, ECGD Director of Communications Steve Robert-Mee said Thursday in an interview in London. The financial model for the development changed when Russia’s Gazprom joined the project last year, he said.

State-run Gazprom acquired a majority stake in Sakhalin-2, cutting Royal Dutch Shell Plc’s share in half. The project on Sakhalin Island, a breeding ground for endangered gray whales, is opposed by the environmental group WWF.

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