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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.