All news

Russia’s biggest lender and shipping company strike $106 mln deal

The deal would be the third big contract between Sberbank and Sovcomflot

MOSCOW, February 12. /TASS/. Russia’s biggest lender Sberbank and the biggest shipping company Sovcomflot signed a project finance agreement worth $106 million, the bank’s press service said on Monday, adding the deal’s term is 14 years.

The money will be used for building of an Arctic shuttle tanker of the high Arc7 ice class, which will be used for the Novy Port project under a long-term agreement with Gazprom Neft, the press service said.

"Investing in major projects on modern infrastructures is the bank’s priority, and we estimate positively future financing of the shipping sector, hoping for further development of relations between our companies," Sberbank’s Senior Vice President Igor Bulantsev said.

The deal would be the third big contract between Sberbank and Sovcomflot. The first joint project was in 2015, when the companies agreed on building of two Arctic shuttle tankers to ship raw oil from the Novoportovskoye field.

The Novoportovskoye field (Novy Port project) on the Yamal Peninsula is a strategic project of the Gazprom Neft Company. In 2016, as the Arctic Gates (Vorota Arktiki) terminal went operational, the company began year-round oil uploading at the field.