VEB.RF and Sovcomflot Sign Financing Agreements for Construction of LNG-fuelled MR Tankers

7 june 2019 года
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The VEB.RF Group and Sovcomflot announced the signing of agreements on VEB-Leasing financing the construction of three new generation LNG-fuelled MR tankers at the St. Petersburg International Economic Forum.

Sovcomflot placed the order for three new generation MR tankers with Zvezda Shipbuilding Complex (Primorsky region) on December 28, 2018. Each tanker will have deadweight of 51,000 tonnes. The delivery of the vessels is scheduled for 2022-2023. The tankers will transport petroleum and gas condensate under 20-year time charter agreements with NOVATEK PJSC. The vessels will have Ice Class 1B enabling them to provide safe and reliable year-round shipping in challenging ice conditions, in particular in the Baltic Sea.

The vessels’ technical specifications have been designed to meet international regulations and conventions on emissions of sulphur and nitrogen oxides, and greenhouse gases, which come into effect in 2020. Comparing with conventional bunkering fuels, LNG can significantly reduce the emissions: sulphur oxides (SOx) by 100%, nitrogen oxides (NOx) by 76%, carbon dioxide (CO2) by 27%, low-dispersed particles by 100%.

Sergey Frank, President and CEO of Sovcomflot, said:

“Sovcomflot is one of the world leaders in the implementation of green technologies in the transportation of energy by sea. The company already successfully operates six new generation Aframax tankers powered by LNG. Five more LNG-fuelled vessels have been ordered by Sovcomflot from the Zvezda Shipbuilding Complex and will be built over the next few years. We welcome the plans of Russian shipbuilders to create state-of-the-art large-tonnage LNG-fuelled vessels which, of course, represent the future of shipping.”

“We are pleased that this project is a next step in our positive experience of cooperation with the VEB.RF Group. VEB-Leasing previously participated in financing the construction of a number of Sovcomflot’s leading vessels in Russia, namely Arctic shuttle tankers of the Mikhail Ulyanov series, as well as new generation Aframax tankers being built at the Zvezda Shipbuilding Complex.”

“Shipbuilding is one of the largest engineering industries with significant scientific and technical potential. The support of this industry is one of the priorities of VEB-Leasing and VEB.RF to assist the industrial development of Russia,” VEB-Leasing’s CEO Artyom Dovlatov said.

SCF Group is the largest Russian shipping company and one of the world’s leading energy shipping companies, as well as a provider of services to offshore exploration and oil and gas production. The company’s owned and chartered fleet includes 146 vessels with a total deadweight of 12.8 million tonnes. More than 80 vessels have ice class.

Sovcomflot provides services to the following major oil and gas projects in Russia and abroad: Sakhalin-1, Sakhalin-2, Varandey, Prirazlomnoye, Novy Port, Yamal LNG, Tangguh (Indonesia). The company has its headquarters in St. Petersburg and representative offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol and Dubai.

Today SCF Group’s Green Funnel series of large-tonnage tankers include six oil tankers of the Gagarin Prospekt type (deadweight of 114,000 tones, Arc4). The lead ship in the series won the international Marine Propulsion Ship of the Year Award. In December 2018, SCF Group won Lloyd’s List Global Environmental Award - Individual Company. It was the initiative of Sovcomflot to introduce LNG as the main fuel for large-tonnage tankers that was highly praised by industry experts.

Sovcomflot is one of the largest customers of the Russian civil shipbuilding industry and contributes to localising the production of high-technology vessels in Russia. In recent years, Russian shipbuilders have built more than 20 vessels for Sovcomflot with a total cost of about USD1.3bn. SCF Group successfully cooperates with Russian companies like Zvezda Shipbuilding Complex, Admiralty Shipyard, and Vyborg Shipyard etc.

VEB-Leasing is part of the VEB Group. The Company’s core business is related to leases of modern aircraft, high-technology equipment, railway vehicles, sea and river vessels, motor vehicles and special-purpose equipment. As specified in the Memorandum on Financial Policies, one of VEB.RF’s priorities is contributing to Russia’s economic development by providing lease financing, delivering major infrastructure projects, and growing urban economy, including development of transportation systems, upgrade of housing and public utilities.

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VEB.RF and Moscow Region Government to Promote Integrated Development of Moscow Region Urban Infrastructure

7 june 2019 года
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During the St. Petersburg International Economic Forum 2019, VEB.RF’s Chairman Igor Shuvalov and Governor of Moscow Region Andrey Vorobiev signed a cooperation agreement. The parties agreed to cooperate in addressing priority tasks of social and economic development of the region. The agreement specifies promoting integrated urban development of Moscow Region. The parties will jointly implement investment projects and promote the development of industrial, traffic, energy, utility and social infrastructure in the region. The agreement was concluded for a period of five years.

VEB.RF’s Chairman Igor Shuvalov said: “Modern urban economy is high on the agenda of the team of development institutions. We are accumulating the best international and domestic experience of investment, urban development, infrastructure modernisation and export encouragement. We are willing to closely cooperate with Moscow Region, one of the most dynamic regions in the country.”

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VEB.RF to Help Upgrade Public Transport in Tver Region

7 june 2019 года
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During the St. Petersburg International Economic Forum 2019, VEB.RF’s Chairman Igor Shuvalov and Governor of Tver Region Igor Rudenia signed a cooperation agreement. The agreement will allow the region to upgrade its transport infrastructure. Tver Region intends to establish a public company responsible for passenger traffic. The region is willing to renew urban passenger transport and is elaborating projects to deliver modern trams and buses with the use of leasing mechanisms. Tver is also considering renovation of the tram network. The first stage of the project stipulates the introduction of a new passenger traffic model in Tver urban agglomeration.

VEB.RF’s Chairman Igor Shuvalov said: “With its favourable geographic location, Tver Region has considerable potential for raising investment, and may become one of the most dynamic regions in Central Federal District. Together with the Governor’s team, we are scrutinising other investment projects that may give a new impetus to Tver Region’s development.”

Tver Region’s Governor Igor Rudenia commented: “Cooperation with a state corporation is an excellent opportunity to find an optimal financial solution for projects. In the medium term, we expect to create a public transport system in Tver urban agglomeration fully compliant with the relevant safety and comfort standards and satisfying human and corporate needs.”

In May 2019, the development institutions team headed by Igor Shuvalov was in Tver Region on a business mission. During the visit, the team analysed existing and proposed investment projects in tourism and timber processing, and a project aimed at renovating the Morozovsky Gorodok historical and architectural complex in Tver.

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VEB.RF to Provide Chelyabinsk Region With New Environmentally Friendly Buses and Trams

7 june 2019 года
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During the St. Petersburg International Economic Forum 2019, VEB.RF’s Chairman Igor Shuvalov and Chelyabinsk Region’s Alternate Governor Alexey Teksler signed a cooperation agreement. The parties agreed to cooperate on projects to upgrade urban public transport in Chelyabinsk Region.

VEB.RF is ready to involve in investment projects aimed to modernise the tram and bus networks in Chelyabinsk, Zlatoust and Magnotogorsk. VEB.RF will use its leasing mechanisms to help renew the tram and bus fleet and to finance the delivery of modern LNG fuelled buses.

VEB.RF’s Chairman Igor Shuvalov said: “Upgrading the transport network in Russian cities is part of a large-scale agenda for the development of a modern urban economy. A comprehensive approach to the transport system modernisation in urban agglomerations will help to enhance the quality of life, improve public transport links between and within cities and other settlements, and deliver environmental improvements.”

“The cooperation agreement offers Chelyabinsk Region new opportunities for upgrading the urban transport systems. This is particularly important for Chelyabinsk urban agglomeration with a population over 1.5 million and an outdated public transport system. We need integrated concept solutions for interconnecting urban public transport systems. VEB.RF as a state development corporation has valuable experience in developing transport systems and may put forward its detailed proposals. I hope that the agreement will launch systematic work on upgrading the urban public transport in Chelyabinsk Region in the near future,” Alexey Teksler commented.

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VEB.RF and Russian Direct Investment Fund to Support Cutting Edge IT Financial Solutions for Wide Range of Investors

7 june 2019 года
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VEB.RF signed an Agreement for cooperation in the joint implementation and development of robo-advising and ETF project (Robo+ETF) with FinEx, an international investment group, at the St. Petersburg International Economic Forum.

The Agreement gives VEB.RF, the Russian Direct Investment Fund (RDIF, Russia’s sovereign fund) and co-investors an opportunity to make contributions to the equity of Robo+ETF in the total amount up to one billion roubles, and to carry out marketing and educational programs to promote robo-advising to private and institutional investors in Russia and abroad. FinEx launched Robo+ETF in 2012 as an ETF platform and the first robo-adviser in Russia. Today MICEX lists 14 ETFs with different underlying assets varying from national stock indices to gold and bonds.

“These solutions make it possible to bring together B2B2C platform technologies, Russian and international financial instruments, adapt business practices to different partners and counter parties, unleash export potential of Russian digital products. VEB.RF is also considering the use of financial solutions by the Group and other development institutions to expand its investment offer. In particular, DOM.RF plans to launch the first ETF in Russia with Russian mortgage bonds as the underlying asset,” VEB.RF’s Deputy Chairman Alexey Ivanchenko said.

“Innovative financial products coupled with cutting edge IT solutions make FinEx Robo+ETF project attractive for many of RDIF's international partners,” RDIF’s First Deputy CEO Tagir Sitdekov said. According to Mr. Sitdekov, RDIF will become not only a financial but also a strategic partner of the project taking into account worldwide interest in ETF and robo-advising.

“A partnership with two leading Russian development institutions with extensive international ties is a milestone for us. This partnership opens unique business growth opportunities in Russia and abroad,” FinEx Investment Management Senior Partner Oleg Yankelev said. According to Mr. Yankelev, FinEX team offers a product which efficiently solves issues of small investors in most of the emerging countries, therefore FinEx believes that the product will be in demand not only in Russia but also in Asia and CIS countries.

VEB.RF is a state development corporation. In partnership with commercial banks and investors, VEB.RF is involved in national projects designed to support high value-added manufacturing, non-resource exports, urban agglomeration and infrastructure development. VEB.RF coordinates activities of the largest national development institutions: Russian Export Center, DOM.RF, RSMB Corporation, the Far East and Baikal Region Development Fund, MONOGORODA.RF.

About the Russian Direct Investment Fund

The Russian Direct Investment Fund (RDIF) was founded in June 2011 to make equity investments mainly in Russia jointly with major foreign financial and strategic investors. RDIF is an accelerator of direct investment in the Russian economy. RDIF invested jointly with foreign partners more than RUB1.5tn in more than 70 successful projects in 95% of Russian regions. RDIF’s portfolio companies employ more than 700,000 people and their annual revenue makes 5% of Russia’s GDP. RDIF entered into strategic partnerships with leading international co-investors from more than 15 countries for the total amount of more than USD40bn. For more information please visit: www.rdif.ru

About FinEx, international financial group

International financial group FinEx was founded in 2004. FinEx has offices in London and Moscow. FinEx is a successful developer of different investment products and solutions based on in-house technologies. The parent company FinEx Investment Management LLP is located in London (Great Britain). Today the FinEx Group comprises a robo-advising platform, ETFs for every kind of investors, private equity and private banking services.

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