Russia's Ruskhimalliance has finalised a long-discussed project financing agreement with the country’s state-owned VEB Bank for a Baltic liquefied national gas plant and polymer producing facility it plans to build with partner Gazprom.

The company said that it will now be able to draw up to 55 billion roubles ($740 million) to help push ahead with the project near the port of Ust-Luga.

The loan is reportedly backed by a corporate guarantee from gas monopoly Gazprom, which holds a 50% shareholding in the venture.