Sovcomflot JV Signs LNGC Refinance Deal

Russia’s Sovcomflot, Japan’s NYK Line and Singapore’s Samudera, have signed a new $155mn non-recourse, eight-year credit facility with MUFG Bank and Development Bank of Japan to refinance two LNG carriers, the Russian company said on November 16.

The facility will be used towards refinancing two LNG carriers servicing the Tangguh LNG plant in Indonesia. Tangguh Towuti and Tangguh Batur are jointly owned and operated by Sovcomflot, NYK Line and Samudera.

The 7.6mn metric tons/year Tangguh LNG plant is operated by BP and began exports in 2009. It ships LNG to China, South Korea and the US, and also supplies gas domestically.