Russian Bank Syndicate Expands Credit Facility for Arctic LNG 2

Arctic LNG 2 Ltd., a subsidiary of Novatek, has signed collaterals in the framework of the loan agreement with a syndicate of Russian banks signed on of April 28, 2021, providing for increasing the maximum sum of loan up to 5.7 bn euro under the 15-year credit facility.

In April, the stockholders of Novatek agreed to attract $11 bn of credit money. They also approved of concluding major deals aimed at attracting project financing into Arctic LNG 2 project involving mortgaging Novatek’s share in Arctic LNG 2.

Following the decision, Novatek signed an agreement on project financing with a syndicate of Russian banks including Sberbank, Gazprombank and its subsidiary Bank GPB International S.A., VEB.RF, and Otkritie Bank for 3.11 bn euro at the end of April.