Russian financial institution Sberbank has signed a new $106m project financing agreement with shipping line Sovcomflot to support the construction of a high ice-class Arctic shuttle tanker, Arc7.

Arc7 is expected to be deployed to serve the Novy Port project in Russia under a long-term agreement with Gazprom Neft upon completion.

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The latest financing deal will be valid for a period of up to 14 years and represents the third major transaction of its kind between the two parties.

“This financing agreement will enhance the group’s long-term liquidity position and will enable us to meet the capital requirements of our current shipbuilding programme.”

Sberbank and Sovcomflot previously carried out their first joint project in 2015, which involved financing the construction of three Arctic shuttle tankers to ship crude oil from the Novy Port field.

Sovcomflot executive vice-president and CFO Nikolay Kolesnikov said: “Today, Sberbank is among the largest financial partners of Sovcomflot, which reflects the growing role of the Russian banking sector as a source of finance to the shipping industry.

“This financing agreement will enhance the group’s long-term liquidity position and will enable us to meet the capital requirements of our current shipbuilding programme.”

Sberbank also aims to leverage the newly signed agreement to fulfil its goal of investing in projects that promote the development of modern infrastructure.

The bank currently accounts for nearly a third of the total assets of the Russian banking sector and serves more than 145 million customers in 21 countries worldwide.

Sovcomflot specialises in the transportation of crude oil, petroleum products and liquefied gas.

It also provides servicing for offshore upstream oil / gas installations and equipment.

Sovcomflot’s current fleet include 150 vessels with a total combined deadweight of more than 13 million tonnes.