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VEB.RF Participates in Financing the Largest Gas Processing Facility in Ust-Luga

24 august 2020 года
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VEB.RF and RusKhimAlliance LLC signed a facility agreement to finance the initial phase of the project to build Russia's largest gas processing facility in the Leningrad Region near the sea port of Ust-Luga, including a gas processing plant with a capacity of 45 bcm per year and a LNG plant with a capacity of 13 mtpa.

VEB.RF loans totalling up to 55 billion roubles will cover design documentation, advance payments under license agreements and contract agreements, including long lead items, and other project related expenses.

The financing will be provided in tranches in line with the project's schedule.

"Ust-Luga’s project will have a significant impact on the socio-economic development of Russia, it will give a boost to long-term industrial economic growth in the North-Western Federal District, and it will make Russian products more competitive in the international market. The processing facility in Ust-Luga is an example of a project with a multiplying effect for the economy of the whole country," VEB.RF’s First Deputy Chairman and Member of the Management Board Nikolai Tsekhomsky said.

“Cooperation between RusKimAlliance and VEB.RF aims to create the most powerful Russian gas processing plant, which will also become the leading producer of liquefied natural gas in the North-Western region of Europe. Ust-Luga’s gas processing facility project has already signed long-term gas supply agreements, which guarantee, in particular, the annual supply of 45 billion cubic meters of feed gas to the facility and the sale of commercial gas in the amount of about 18 billion cubic meters per year. At the current stage, a number of engineering surveys have already been carried out and the main technical solutions for the project have been developed. Comprehensive measures are being implemented to systematically integrate the new high-tech plant into the socio-economic environment of the Russian North-West. We will be a partner for the Leningrad Region and a reliable employer for several thousand residents of the region,” RusKhimAlliance’s CEO Kirill Seleznev said.

VEB.RF takes part in financing the Facility for Processing Ethane-containing Gas in Ust-Luga. The project encompasses the construction of integrated gas processing and gas chemical facilities for deep processing of multicomponent natural gas.


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