Sberbank and Sovcomflot Have Agreed on Project Financing for $ 106 Million

Sberbank and Sovcomflot have signed an agreement on project financing for $ 106 million for a period of up to 14 years. This is reported by the press service of the credit institution.

The funds will be used to build an Arctic shuttle tanker of the high-class Arc7 ice class that will be operated under the New Port project under a long-term agreement with Gazprom Neft, the bank said.

“The investment in significant projects for the creation of a modern infrastructure is still a priority for the bank. We positively assess the prospects for financing the shipping industry and look forward to the continuation and further development of relations between our companies, “said Igor Bulantsev, Senior Vice President and Head of Sberbank CIB.

This is the third major deal between Sberbank and Sovcomflot. The first joint project was launched in 2015, when the companies agreed to allocate funds for the construction of two Arctic shuttle tankers to transport crude oil from the Novoportovskoye field.

Sberbank and Sovcomflot $106 Million

The development of the Novoportovskoye field (the “New Port” project) on the Yamal Peninsula is one of Gazprom Neft’s strategic projects. In 2016, after the launch of the Gateway of the Arctic Shipping Terminal, the company began year-round shipping of oil in the field.


Source: Maritime News of Russia