Sovcomflot to receive up to $260 mln project financing from VTB

Sovcomflot

Sovcomflot and VTB Bank signed a USD 260 million loan agreement to finance the construction of an Arctic LNG tanker for the Yamal LNG project.

The new tanker will to carry up to 172,600 cubic metres of liquefied natural gas (LNG) and has an ARC7 enhanced ice class, enabling independent navigation in ice fields of up to 2.1 metres thick.

The vessel, scheduled for delivery in the first quarter of 2017, will have a 45 MW propulsion system.

“We are completing the construction of an innovative vessel, which has no analogues in the world to date, and we have concluded a unique transaction to finance this project. This is one of the first such agreements ever signed in Russia, to finance a vessel construction, which is traditionally a very capital-intensive and long-term investment project,” Sovcomflot’s President and CEO, Sergey Frank, said.

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