Sovcomflot seals new project financing for LNG vessels
Joint venture companies belonging to Sovcomflot, NYK Line and Samudera have signed a $155 million non-recourse credit facility with MUFG Bank and Development Bank of Japan.
The loan, for up to eight years, will be used towards refinancing two LNG carriers servicing the Tangguh LNG plant, in Indonesia: Tangguh Towuti and her sister ship Tangguh Batur, which are jointly owned and operated by Russia's SCF Group, Japan's NYK Line, and Singapore-headquartered Samudera.
The Tangguh plant, involved with the production and shipping of LNG, is managed by the Tangguh Production Sharing Contractors, an international consortium. It is operated by BP and began LNG exports in 2009. The designated annual output of extracted gas is 7.6 million t, which is exported to China, South Korea, and the US, as well as being used domestically.
