Sberbank and Sovcomflot have signed a new agreement on the provision of project financing worth $106 mln for up to 14 years. The funds will be used to construct a high ice-class (ARC7) Arctic shuttle tanker, which will be used as part of the Novy Port project under a long-term agreement with Gazpromneft.
This is the third large transaction of its kind between Sberbank Group and Sovcomflot Group. The first joint project dates back to 2015, when the companies agreed on the financing of the construction of two Arctic shuttle tankers to transport crude oil from the Novoportovsky oil field. The project was recognised as the transaction of the year by authoritative industry ship finance publication Marine Money.
First Deputy CEO of Sovcomflot, CFO Nikolai Kolesnikov said: “We hail the ongoing development of the strategic partnership with the leading Russian bank. Sberbank is one of Sovcomflot’s major financial partners, which of course signals that the Russian market shipping financing industry is confidently taking shape. This project financing agreement will strengthen the long-term liquidity position of the group and allow it to satisfy its emerging financial needs as part of its shipbuilding strategy.”
Senior Vice President, Head of Sberbank CIB1 Igor Bulantsev said: “We are delighted that the mutually beneficial cooperation between Sberbank and Sovcomflot Group in a wide range of banking services has been gradually gaining momentum. The Bank continues to see investment in key projects that imply the creation of a modern infrastructure as a priority. We believe financing of the shipping industry has good prospects, and hope our companies will continue to cooperate and enhance cooperation.”
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Sberbank is Russia’s largest bank and a leading global financial institution. Sberbank holds almost one third of aggregate Russian banking sector assets, it is the key lender to the national economy and the biggest deposit taker in Russia. The Central Bank of the Russian Federation is the founder and principal shareholder of Sberbank owning 50% of the Bank's authorized capital plus one voting share, with the remaining 50% held by domestic and international investors. Sberbank has more than 145 million customers in 21 countries. Sberbank has the largest distribution network in Russia with almost 15,000 branches, and its international operations include UK, US, CIS, Central and Eastern Europe, India, China, Turkey and other countries.
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