Zvezda Shipyards Secures Arc7 Tanker funding

Russian state development bank VEB said on Tuesday it has provided first tranche worth $66 million to Rosneft-led Zvezda shipyard to finance construction of the first Arc7 gas tanker for Novatek's Arctic LNG 2 project.

VEB has said its board has approved financing for 15 Arc7 gas tankers for the Arctic LNG 2 project which is expected to start liquefied natural gas (LNG) production in the first part of the next decade in what will be Novatek's second big LNG plant.

For its pilot LNG plant, Yamal LNG, Novatek has ordering Arc7 ice-class LNG tankers from South Korea's Daewoo Shipbuilding and Marine Engineering (DSME).

Reporting by Darya Korsunskaya