Sovcomflot taps Sberbank for finance

Sovcomflot taps Sberbank for finance

Russia’s biggest lender Sberbank and the country’s largest shipping company Sovcomflot have signed a 14-year project finance agreement worth $106m.

The money will be used for building an Arctic shuttle tanker, which will be used for the Novy Port project under a long-term agreement with Gazprom.

“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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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