OREANDA-NEWS. On 17 June 2016, Sovcomflot and VTB Bank signed a project funding agreement worth $260 million for up to 13 years. The document was signed by Sovcomflot President and CEO Sergei Frank and Andrei Kostin, President and Chairman of VTB Bank Management Board.

Under the agreement, VTB Bank will finance construction of an Arctic gas tanker to serve the Yamal Liquefied Natural Gas (LNG) project. The ship is to be delivered in the first quarter of 2017.

"We are delighted to expand our relationship with VTB Bank, our long term partner and a leader in the Russian banking market. We are completing the construction of an innovative new ship, and have concluded a unique transaction to finance it. This is one of the first transactions in the country to finance similar shipping projects, which are usually long term and capital-intensive. I’m confident that the financial performance of Sovcomflot Group will allow us to remain a reliable and attractive partner for Russian banks." said Sergei Frank, Sovcomflot CEO.