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VTB Bank and Sovcomflot sign $260 million long-term project funding agreement

 
17 June 2016

On 17 June 2016, Sovcomflot and VTB Bank signed a project funding agreement worth $260 million for up to 13 years. The document was signed by Sovcomflot President and CEO Sergei Frank and Andrei Kostin, President and Chairman of VTB Bank Management Board.

Under the agreement, VTB Bank will finance construction of an Arctic gas tanker to serve the Yamal Liquefied Natural Gas (LNG) project. The ship is to be delivered in the first quarter of 2017.

 
 
 
 
«VTB Bank is always interested in innovative and technologically advanced projects. The loan to Sovcomflot, Russia’s largest shipping company, will be used for the construction of a unique new ice-resistant LNG tanker for the Russian Arctic. I’m confident it will help Russia to further develop this severe region.
Andrey Kostin,
President and Chairman of VTB Bank Management Board

"We are delighted to expand our relationship with VTB Bank, our long term partner and a leader in the Russian banking market. We are completing the construction of an innovative new ship, and have concluded a unique transaction to finance it. This is one of the first transactions in the country to finance similar shipping projects, which are usually long term and capital-intensive. I’m confident that the financial performance of Sovcomflot Group will allow us to remain a reliable and attractive partner for Russian banks." said Sergei Frank, Sovcomflot CEO.

For reference:

Sovcomflot Group, the largest shipping company in Russia, is a leading global hydrocarbon shipper that leads the way in supporting shelf prospecting and oil and gas production projects. Its owned and charted fleet primarily delivers hydrocarbons from ice-covered areas and includes 140 ships with deadweight capacity of over 12.2 million tonnes. Ice-resistant ships account for one-third of the corporate fleet.

Sovcomflot supports ambitious energy projects in Russia and worldwide, including Sakhalin-1, Sakhalin-2, Varandei, Prirazlomnoye, Novoportovskoye, Yamal LNG, Tangguh and Peregrino. The company’s head office is located in St Petersburg, with offices in Moscow, Novorossiisk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol and Dubai.


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