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On June 7, 2019, within the framework of the St. Petersburg International Economic Forum (SPIEF), the Direct Agreement and an act of financial closure were signed as part of a PPP project for the creation of the infrastructure of Murmansk seaport (the coal terminal Lavna)*. The law firm VEGAS LEX accompanies the project on the side of the concessionaire.

Gazprombank, Federal Agency for Maritime and River Transport of Russia and commercial seaport Lavna ** took part in the signing. The signing took place in the presence of Deputy Prime Minister of the Russian Federation Maxim Akimov, Chairman of the Board of Gazprombank Andrei Akimov, First Deputy Minister of Transport of the Russian Federation Innokenty Alafinov and Acting Governor of the Murmansk Region Andrei Chibis.

The PPP project itself is the first federal concession in the seaport sector. It provides for the construction of a coal terminal and seaport facilities on the western shore of the Kola Bay, worth over USD 0,5 billion (over RUB 30 billion).

The law firm VEGAS LEX participated in the negotiations of the concessionaire, Gazprombank and Federal Agency for Maritime and River Transport of Russia to agree on the terms of the loan agreements, the Direct Agreement and the changes necessary to open financing to the concessionary agreement.

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* The construction project of the Lavna coal transshipment complex at Murmansk seaport is included in the state program "Development of the transport system of Russia", the Strategy for the development of railway transport, the Transport Strategy of the Russian Federation and the Comprehensive Plan for the modernization and expansion of the trunk transport infrastructure. Source: https://tass.ru/ekonomika/6113249.

** It is to be recalled that the concessionaire of the project was the structure of the State Transport Leasing Company (GTLK) – commercial seaport Lavna, which in November 2018 signed a concessionary agreement with Federal Agency for Maritime and River Transport of Russia on the construction of the Lavna coal terminal. The law firm VEGAS LEX accompanies the company from the very initial stage of project implementation (project structuring, commercial and financial closure).

You can find out about the services of VEGAS LEX in the field of public-private partnerships here.