Sberbank and Gazprombank issued the first tranche of financing as under the agreement on the provision of a syndicated loan for the Messoyakh project which was signed on December 22, 2017. Under the requirements stipulated in the credit and security documentation, project financing worth 100 bln roubles will be provided by a syndicate consisting of Sberbank and Gazprombank (60 and 40 billion roubles, respectively) for a term of 10 years.
The project is being carried out by Messoyakhaneftegaz JSC, a joint venture of Gazprom Neft and Rosneft. The project financing for Messoyakhaneftegaz JSC has been structured without recourse to Gazprom Neft, and Rosneft will not increase the debt burden of these companies.
The speed and quality of the construction of the Vostochno-Messoyakhskoye Oil Field have been improved thanks to cutting-edge technologies. Also, these technologies serve as a guarantee of the future efficiency of the project. That said, no expensive production, oil treatment, or transportation technologies were used, and this had a positive impact on the profitability of the project.
“Sberbank traditionally plays a key role in carrying out major infrastructure projects that influence the future of the Russian economy,” said Sberbank’s Senior Vice President, Head of Sberbank CIB Igor Bulantsev. “The Messoyakha project is one of such important projects. This transaction is another step for us in developing cooperation with the leaders of the oil and gas industry – Rosneft and Gazprom Neft.”
About the Vostochno-Messoyakhskoye Oil Field:
The Vostochno-Messoyakhskoye Oil Field is the most northern oil field under development in inland Russia. It is located in the Tazovskya Region of the Yamalo-Nenets Autonomous District, 340 km to the north of the city of Novy Urengoy. It has more than 340 mln tonnes of recoverable reserves of oil and condensate. 106 reservoirs in 36 layers have been discovered. The oil field is being developed by Messoyakhaneftegaz JSC, whose 50/50 shareholders are Gazprom Neft (the operator of the project) and Rosneft. The project is being carried out autonomously, away from industrial and transport infrastructure.
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