VTB, Russia's second-largest lender, will purchase the Zvezda Shipbuilding Yard from Rosneft. However the deal is in its initial stages. VTB CEO Andrei Kostin said.

VTB currently runs the United Shipbuilding Corporation of Russia (USC), Russia’s largest shipbuilder. USC operates around 40 shipyards and design offices, as well as repair yards in Russia. It employs 95,000 people.

The deal begins at the beginning. There are some basic agreements. "We signed just recently a trilateral deal between USC, VTB and Rosneft on the due diligence process", Kostin explained.

Zvezda, Russia's most modern shipyard, is specialized in building Arc7 ice class tankers capable of cutting through 2-metre-thick ice for the transportation of liquified gas (LNG), from Arctic projects.

"I believe this is a wise decision." Kostin stated that consolidating the industry was the right decision.

(source: Reuters)