Sberbank contracted to monitor proper use of funds for construction of Sabetta seaport facilities
Sberbank of Russia and state-owned ports manager Rosmorport have signed a state contract for the provision of bank support and organization of control of proper use of funds allocated under public contracts for the construction of major facilities of the seaport Sabetta under construction, the Sberbank press office said.
The Russian Government has chosen Sberbank as sole contractor for the public technological and price audit, building control and banking support of works on the construction of primary facilities of the Port of Sabetta.
The main purpose of mandatory bank support is the monitoring of appropriate expenditures by building contractors of funds allocated for the port facilities construction project. The contract will be executed by Sberbank during the construction period, until completion and commissioning of the seaport of Sabetta, and will ensure transparency and effective control over the use of public investment by all participating organizations of the construction.
The new seaport in the vicinity of the Sabetta is being constructed within the frameworks of the Yamal LNG project, which involves the development of Yamal Peninsula's Yuzhno-Tambeyskoye field, which has estimated gas reserves of 1.3 trillion m³, and the construction of a gas liquefaction plant with an annual capacity to produce 16.5 million tonnes of LNG and up to one million tonnes of condensate. The Yamal LNG project is owned by a joint venture comprised of Novatek (80%) and Total (20%).
