St. Petersburg, June 4, 2021 — At SPIEF, Gazprombank and Sber signed an agreement of intent to fund NOVATEK PJSC’s construction of a gas chemical facility on the Yamal Peninsula.
The project envisions the construction of a gas chemical facility near the Port of Sabetta to manufacture low-carbon ammonia, hydrogen and other methane-conversion products that make it possible to reduce greenhouse gas emissions. The parties intend to cooperate on the arrangement of financing.
“As one of NOVATEK’s financial partners in the implementation of large-scale projects such as Yamal LNG and Arctic LNG 2, we are pleased to become an integral part of one of the company’s latest projects. The bank is interested in funding the construction of a large industrial cluster, among other reasons — because it will create new jobs and have a positive impact on the broader regional economy,” said Alexey Belous, Deputy Chairman of the Management Board.