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Russia's Gazprombank to loan 522 million euros for Novatek's floating gas storage units

·1-min read

MOSCOW (Reuters) - Russia's Gazprombank <GZPRI.MM> will loan 522 million euros (478.82 million pounds) for the construction of Novatek's <NVTK.MM> two floating gas storage facilities, the bank said on Tuesday.

The storage facilities will transport LNG from the Arctic-ice class gas carriers to conventional vessels and will be used along the Northern Sea Route, including for Novatek's Arctic LNG 2 project which is under construction.

Floating facilities with capacity of 361,600 cubic metres each will be set up at Novatek's gas hubs in the Murmansk region and in the Kamchatka peninsula in Russia's far east.

(Reporting by Vladimir Soldatkin and Olesya Astakhova, editing by Louise Heavens)