Multi-National Consortium to Construct Russian Far East Shipyard

Russia's Rosneft, Gazprombank, Sovcomflot with Korean shipbuilding company Daewoo Shipbuilding & Marine Engineering Co. (DSME) have signed a Memorandum of Understanding (MOU) on key terms of co-operation to establish a shipbuilding and industrial cluster in the southern part of Primorskiy Krai (Russian Far East).

The parties agreed to jointly complete the construction and launch a new shipyard – shipbuilding complex Zvezda – in 2016, to establish a Russian-Korean engineering center for shipbuilding and marine equipment for offshore projects. The companies also agreed key terms for technology exchange, localization of production and contracts placement.

The Memorandum was signed in the presence of Vladimir Putin, President of the Russian Federation, and Park Geun-hye, President of the Republic of Korea, as part of the official visit of the Russian President to the Republic of Korea.

According to Rosneft, commenting on the Memorandum, Igor Sechin, Rosneft President and Chairman of the Management Board, said: ‘Rosneft has a large-scale program to develop offshore projects in Russia in challenging conditions in the Nothern and Far East seas. The Company assumed obligations to localize in Russia shipbuilding and marine equipment production necessary for offshore projects implementation and is already working actively in this direction."