Sovcomflot, Vnesheconombank and VEB Leasing enter into cooperation agreement

12 September 2018

On 12 September 2018, during the 4th Eastern Economic Forum, a signing ceremony was held for a trilateral agreement on cooperation between Sovcomflot, the Bank for Development and Foreign Economic Affairs (Vnesheconombank) and VEB Leasing.

The document was signed by Sergey Frank, President and CEO of PAO Sovcomflot and Igor Shuvalov, Chairman of Vnesheconombank.

The agreement underscores the willingness of the parties to jointly participate in the implementation of shipbuilding projects at Russian shipyards and import substitution projects, based on the experience accumulated by Sovcomflot following the construction of various state-of-the-art vessels at domestic shipyards. The agreement provides for the possibility of financial support for the implementation of innovative and advanced technologies, as well as improvements to the energy efficiency of vessels built at domestic shipyards.

The companies involved have a successful experience of cooperation in the construction of two unique Arctic shuttle tankers (Mikhail Ulyanov and Kirill Lavrov) built to order for Sovcomflot Group, at the Admiralty Shipyards in St. Petersburg, which are successfully operated under the national flag of the Russian Federation within the Prirazlomnoye offshore project (operated by Gazprom Neft).

PAO Sovcomflot (SCF Group) is one of the world's leading shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas, as well as the servicing of offshore oil and gas exploration and production. The company’s own and chartered fleet includes 147 vessels with a total deadweight of 12.7 million tonnes. 79 vessels have an ice class.

Sovcomflot is involved in servicing large oil and gas projects in Russia and around the world: Sakhalin-1; Sakhalin-2; Varandey; Prirazlomnoye; Novy Port; Yamal LNG, and Tangguh (Indonesia). The company is headquartered in Saint Petersburg, with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, and Dubai.

SCF Group press release.