Lukoil, Conocophillips’ YK Field Production Begins
One of the biggest fields in the north of the Timan Pechora oil and gas province, this field is developed by OOO Naryanmarneftegaz, a LUKOIL and ConocoPhillips joint venture (70% and 30%, respectively). The field was discovered in 1981. Oil quality there surpasses the Russian Urals export blend quality: its density is 35.5 API (Urals, 32.0 API), and sulfur content is 0.71% (Urals, 1.3%). The first stage comprises 32 development wells, an oil treatment unit, an oil desulfurization unit…
Sovcomfloat Signs Loan Agreement
Sovcomflot Group and German bank HSH Nordbank AG have signed a Loan Agreement of $434m. HSH Nordbank is mandated lead arranger and is providing senior debt for the transaction. The signing ceremony attended by Sergey Frank, President and CEO of Sovcomflot and Hans Berger, Deputy Chairman of the Board of Managing Directors of HSH Nordbank, took place in Hamburg. The purpose of the Loan Facility with final maturity date in 2021 is to provide the financing of six vessels, i.e. three unique Arctic tankers to be deployed for long-term operation in Barents Sea, as well as three product-carriers. ING Bank N.V. has been working as structuring bank and financial advisor for Sovcomflot under above Loan Facility. Norddeutsche Landesbank Girozentrale is participating in the transaction as co-lender.