Financing Agreed for Arctic LNG-2 Carrier

The Zvezda shipyard in the Russian Far East has reached a deal with Russian development bank VEB and state shipping group Sovcomflot on financing for a pilot LNG tanker.

The Arc7 ice-breaking vessel would serve at Novatek’s Arctic LNG-2 export terminal, due to start up in 2023, Zvezda said in a statement on November 2. It is designed for year-round transport of LNG and is capable of passing through ice more than two metres thick without support.

According to Zvezda, the pilot vessel is set to be first in a fleet of 15 carriers, with their delivery timed to coincide with Arctic LNG-2’s launch. VEB has given initial approval for the financing of the entire fleet’s construction, but this funding will need to be finalised.