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Syndicate of VEB.RF and Commercial Banks to Provide Financing for Arctic LNG 2

28 april 2021 года
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  • The syndicate of banks will lend 3.11 billion euros for 15 years
  • Arctic LNG 2 is a major development project for Russia’s Arctic

A syndicate of VEB.RF and commercial banks—Sberbank, Gazprombank, Bank GPB International S.A. and Otkritie Bank—has signed a syndicated loan agreement with Arctic LNG 2 Ltd to carry out the Arctic LNG 2 project.

The syndicate of banks will lend 3.11 billion euros for 15 years to finance the construction of a facility designed for liquefied natural gas and stable gas condensate.

“This is an extremely important initiative in the region. The project has strategic significance for the Northern Sea Route and operations in the Arctic. VEB.RF is involved in the project in partnership with Russian commercial banks. VEB.RF has already begun financing the construction of 15 ice-class gas carriers, which will be used to transport LNG under the Arctic LNG 2 project,” said Daniil Algulyan, Deputy Chairman, VEB.RF.

“We are pleased to take part in such a large and strategically significant project as Arctic LNG 2. Sber will lend 2 billion euros for 15 years. Arctic LNG 2 will help Russia to strengthen its position in the global gas market. We find it especially important that the construction uses advanced technology that will help to minimise the environmental impact on Russia’s Arctic,” said Anatoly Popov, Deputy Chairman of the Executive Board, Sberbank.

“Gazprombank continues to be active in cooperating with Russia’s largest oil and gas market participants. We are a lender under the Yamal LNG project and we are pleased to be actively involved in another LNG megaproject implemented by NOVATEK, which is important for the socio-economic development of the entire country. I am sure the consolidated efforts of experienced, internationally recognised financial partners will ensure as much financing as necessary, and this will enable the construction to proceed at a fast pace,” said Alexey Belous, Deputy Chairman of the Management Board, Gazprombank.

“We are optimistic about the outcome of the project and we are grateful to our partners for their confidence and the opportunity to take part in the project. Low production costs, an efficient financial model and strong international investors make the project unique and truly competitive. Arctic LNG 2 is important for the Russian economy, and as a nationwide bank we are interested in its successful implementation,” said Viktor Nikolaev, Deputy President & Chairman of the Management Board, Otkritie Bank.

Arctic LNG 2 Ltd carries out a project to build three LNG trains, each with an annual capacity of 6.6 million tonnes and with a total annual capacity of 19.8 million tonnes of LNG and 1.6 million tonnes of stable gas condensate.

The project’s shareholders are NOVATEK (60%), Total (10%), CNPC (10%), CNOOC (10%), and Japan Arctic LNG and consortium of Mitsui & Co and JOGMEC (10%).

Photo courtesy of NOVATEK


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