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Arctic LNG 2 Loan Agreement Signed

Bank GPB International S.A. participated in the syndicate of banks together with Gazprombank, Sber, National development corporation VEB.RF and Otkritie Bank by signing the loan with Arctic LNG 2 on a 15-year credit line facility for the total loan amount of EUR 3.11 billion. Bank GPB International S.A. acted as mandated lead arranger, lender and offshore security agent. The loan agreement is a part of the external financing package for the Arctic LNG 2 project.

Arctic LNG 2 envisages constructing three LNG liquefaction trains of 6.6 million tons per annum each for the total LNG capacity of 19.8 million tons, as well as cumulative gas condensate production capacity of 1.6 million tons per annum. This project will utilize an innovative construction concept of gravity-based structure (GBS) platforms to reduce overall capital cost and minimize it’s environmental footprint in the Arctic zone of Russia.


The project’s participants include: NOVATEK (60%), Total (10%), CNPC (10%), CNOOC (10%), and the Japan Arctic LNG consortium of Mitsui & Co., Ltd. and JOGMEC (10%).