ING in Russia

ING in Russia

OAO Sovcomflot (SCF Group) and ING signed a USD 75 million, 10 year project credit facility

OAO Sovcomflot (SCF Group) and ING have signed a USD 75 million, 10 year project credit facility.

The funds will be used towards financing two new LPG carriers (currently under construction at the Hyundai Mipo Dockyard Co. Ltd), which will operate on long-term contracts with the Russian petrochemical company SIBUR. The carriers will transport LPG from SIBUR’s LPG and light oils transhipment terminal at the Ust-Luga commercial sea port in the Baltic.

ING Bank has acted as the sole mandated lead arranger for this project facility, which has a non-recourse structure and a favourable long-term tenor as well as competitive pricing reflecting robustness of the deal structure and the credit quality of the Russian charterers SIBUR.