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SCF Concludes New Project Financing for Two LNG Carriers

Source: www.gulfoilandgas.com 11/16/2020, Location: Asia

Joint venture companies belonging to Sovcomflot (SCF Group), NYK Line and Samudera, have signed a new USD 155 million non-recourse credit facility, for up to eight years, with two leading international banks: MUFG Bank and Development Bank of Japan Inc.

The facility will be used towards refinancing two LNG carriers servicing the Tangguh LNG plant, Tangguh Towuti and her sister ship Tangguh Batur, which are jointly owned and operated by SCF Group, NYK Line and Samudera.

The Tangguh LNG plant in Indonesia, involved with the production and shipping of LNG, is managed by the Tangguh Production Sharing Contractors (TPSC), an international consortium. It is operated by BP and began LNG exports in 2009. The designated annual output of extracted gas is 7.6 million tonnes, which is exported to China, the Republic of Korea and the USA, as well as being used domestically.

Nikolay Kolesnikov, Executive Vice-President & CFO of Sovcomflot, said:

“We are delighted to have concluded this new long-term financing agreement for our joint venture companies with NYK Line and Samudera. We are also pleased to welcome establishing relations with new international financial institutions. SCF Group continues to demonstrate uninterrupted access to finance amid market cyclicality, which allows us to maintain a smooth debt repayment profile and a robust long-term liquidity position, fully in line with our budgetary targets.”

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