OREANDA-NEWS. June 22, 2010. In the course of the 14th St. Petersburg International Economic Forum, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, OJSC VEB-Leasing and OJSC Sovcomflot signed Agreements on financing the purchase and further operation of two tankers designed to service oil fields on the Russian continental shelf in the Barents Sea.

On behalf of Vnesheconombank the Agreements were signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of OJSC VEB-Leasing - by its General Director Vyacheslav Ivanov, on behalf of OJSC Sovcomflot – by its General Director Sergei Frank.

The Agreements provide for Vnesheconombank to extend a credit to VEB-Leasing to purchase two shuttle tankers “Mikhail Ulyanov” and “Kirill Lavrov” constructed at OJSC Admiralty Shipyards (Saint-Petersburg). The tankers are to be transferred to long-term lease, with ownership to be assigned to OJSC Sovcomflot.

At the signing ceremony, Vnesheconombank Chairman said: “Providing support for high-technology projects of the domestic shipbuilding is one of Vnesheconombank’s top-priority lines of activity. Vnesheconombank will provide financing worth 200 million dollars for a period of 7 years in line with market conditions and the best world practice applicable to shipping to OJSC Sovcomflot - a reliable borrower with a high credit rating.

OJSC General Director Sergei Frank aid said: “Up until now foreign banks’ credits have been OJSC Sovcomflot’s main sources of borrowings. The Agreement signed is a major project to lease tankers. It would not only promote the development of the domestic shipbuilding but would also allow OJSC Sovcomflot to expand a range of services it offers to Russian cargo owners – leading oil and gas companies and this is fully in line with Company’s strategy for a period of up to 2015.

The first tanker “Mikhail Ulyanov” was commissioned in February of 2010, the second one - “Kirill Lavrov” is scheduled to be delivered to its customer in the first half of 2010.

This project is an example of successful cooperation between Russian cargo owners, shipbuilders, ship owners and bankers.