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EDB will refinance expenses GTLK for construction of river-sea oil tankers

March 13/ 12:25

Moscow. The Eurasian Development Bank (EDB) and the State Transport Leasing Company (GTLK) made a loan agreement to refinance GTLK’s expenses for the construction of river-sea oil tankers (three RST54 and two RST27 vessels) at Russia’s Oka Shipyard. The document was signed by Andrey Beliyaninov, Chairman of the EDB Management Board, and Sergey Khramagin, GTLK General Director. The loan totalling US $50.2 million will be provided for 5.5 years, says EDB.

The new tankers were built in accordance with the requirements of the International Convention for the Prevention of Pollution from Ships (MARPOL 73/78). When constructed, they were provided into finance lease to BF Tanker to transport fuel oil and other oil products in Russian watercourses.

The project aims to solve an important task of upgrading river fleet, which is one of the EDB’s strategic priorities. The Bank recognises the high potential of these projects fulfilled in cooperation with market leaders, GTLK in particular, as regards the advancement of the transport systems in its member states.

EDB experts estimate that the use of these vessels will help to boost Russian exports. The additional output in related sectors during vessel construction and operation is expected to total US $111.65 million.

Over eight years of the project, including the period of vessel construction at the shipyard, the total gross output will approximate US $202 million, or US $25 million a year. In addition, dozens of jobs will be created to operate the tankers, reports Portnews.

The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.

The State Transport Leasing Company (GTLK) is Russia’s largest player in the lease market. It leases out aircraft, vessels, rail transport, road vehicles and special equipment to domestic transport enterprises and invests in the development of Russia's transport infrastructure. The company's sole shareholder is the Russian Federation represented by the Ministry of Transport. GTLK holds double-B ratings from the world’s three leading international rating agencies and an A+(RU) national rating from ACRA. As at 30 September 2017, GTLK's IFRS assets exceeded RUB 291 billion.

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