Russia’s only true project finance deal to date, Severtek – a joint venture between Lukoil and Finland’s Fortum – stands as a barometer for future deals of this nature.
Severtek is Russia’s first and only project financed deal in the strict sense of the term. Breaking new ground and working with nervous bankers, it should have been a difficult deal to cut, yet it sailed over all the hurdles and only took a year to go from an in-principle agreement to cash arriving in the bank.
