The giant Novatek-led Arctic LNG 2 project in Russia has secured its first lender, with the country's largest bank agreeing to provide a multi-million-dollar loan to the planned liquefied natural gas development.

State-controlled Sberbank will lend €3 billion ($3.6 billion) to the three-train project on West Siberia's Gydan Peninsula, where Russian independent Novakek and its partners are aiming to ship first cargoes in 2023.

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