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February 13, 2018

Sberbank and Sovcomflot sign $106m financing deal for shuttle tanker

Russian financial institution Sberbank has signed a new $106m project financing agreement with shipping line Sovcomflot to support the construction of a high ice-class Arctic shuttle tanker, Arc7.

Russian financial institution Sberbank has signed a new $106m project financing agreement with shipping line Sovcomflot to support the construction of a high ice-class Arctic shuttle tanker, Arc7.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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Arc7 is expected to be deployed to serve the Novy Port project in Russia under a long-term agreement with Gazprom Neft upon completion.

The latest financing deal will be valid for a period of up to 14 years and represents the third major transaction of its kind between the two parties.

“This financing agreement will enhance the group’s long-term liquidity position and will enable us to meet the capital requirements of our current shipbuilding programme.”

Sberbank and Sovcomflot previously carried out their first joint project in 2015, which involved financing the construction of three Arctic shuttle tankers to ship crude oil from the Novy Port field.

Sovcomflot executive vice-president and CFO Nikolay Kolesnikov said: “Today, Sberbank is among the largest financial partners of Sovcomflot, which reflects the growing role of the Russian banking sector as a source of finance to the shipping industry.

“This financing agreement will enhance the group’s long-term liquidity position and will enable us to meet the capital requirements of our current shipbuilding programme.”

Sberbank also aims to leverage the newly signed agreement to fulfil its goal of investing in projects that promote the development of modern infrastructure.

The bank currently accounts for nearly a third of the total assets of the Russian banking sector and serves more than 145 million customers in 21 countries worldwide.

Sovcomflot specialises in the transportation of crude oil, petroleum products and liquefied gas.

It also provides servicing for offshore upstream oil / gas installations and equipment.

Sovcomflot’s current fleet include 150 vessels with a total combined deadweight of more than 13 million tonnes.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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