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SCF Inks USD 260 Mn Loan to Finance Arctic LNG Tanker

first_imgzoom Russia’s largest shipping company SCF Group (PAO Sovcomflot) and its compatriot VTB Bank signed a USD 260 million loan agreement to finance the construction of an Arctic LNG tanker for the Yamal LNG project. The new tanker will be able to carry up to 172,600 cubic metres of liquefied natural gas (LNG) and has an ARC7 enhanced ice class, enabling independent navigation in ice fields of up to 2.1 metres thick.The vessel, scheduled for delivery in the first quarter of 2017, will have a 45 MW propulsion system.“We are completing the construction of an innovative vessel, which has no analogues in the world to date, and we have concluded a unique transaction to finance this project. This is one of the first such agreements ever signed in Russia, to finance a vessel construction, which is traditionally a very capital-intensive and long-term investment project,” Sovcomflot’s President and CEO, Sergey Frank, said.In May, Sovcomflot reached an agreement with South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) to postpone the delivery of the ARC7 ice-class vessel which was scheduled to join its owner in June 2016.The shipbuilder set the new date at the end of January 2017, postponing the delivery by seven months.SCF and DSME signed the USD 316 million worth agreement for the new tanker in March 2014.Ordered under a USD 5 billion newbuild program for 16 ice-breaking LNG carriers, the new ship is designed to transport LNG from a gas field in the Yamal Peninsula (Yamal LNG), Siberia.last_img read more

Cyber security workshops planned for October

Information Technology Services has launched two cyber security campaigns to mark October as Cyber Security Awareness Month. A number of awareness events are planned at Brock University.ITS said the key points of this year’s campaign are:Think before you post on line –  Be careful what you post to social media, it never really goes away. Do not upload anything you wouldn’t want everyone to see and do not upload or share sensitive information. You are never truly anonymous on social media.Password protect your mobile devices – Only download apps from trusted sources; never leave your mobile devices unattended.For a list of events and to register, click here. read more