OREANDA-NEWS. Sberbank CIB has organised bridge financing worth USD 2.94 bln for Yamal Razvitiye. The funds were used to acquire Italian company Eni S.p.A.’s 60% stake in Arctic Russia B.V., which holds a 49% stake in the SeverEnergia project. SeverEnergia possesses licences to carry out development and production operations at oil and gas fields in the Yamalo-Nenets Autonomous Region.

Yamal Razvitiye (a joint enterprise of Gazprom Neft and NOVATEK) is one of the co-owners of the SeverEnergia project. As a result of the deal, Yamal Razvitiye’s effective stake in the project now equals 80.4%.

Kirill Polishkin, Deputy Director of the Client Management Department, Managing Director at Sberbank CIB, commented: “We are delighted to start 2014 with a genuine landmark deal that is practically unmatched in the Russian oil and gas industry in terms of size. Such projects are aimed at developing strategic segments of the Russian economy and are a priority of the bank’s credit policy. Our highly professional team at Sberbank CIB enabled us to successfully execute this complex deal within the deadline set by the shareholders of the company.”