USC and STX Group Enter USD 1.8 Bln Joint Venture (Russia)

At the 16th St. Petersburg International Economic Forum United Shipbuilding Corporation (USC) has inked an agreement for entering a joint venture with STX Group (South Korea). This Russian-Korean joint venture will be specialized in the construction of new generation of LNG carriers at New Admiralty Shipyard. This JV is believed to be worth around $1.8 billion.

USC and STX signed a protocol of intent involving a stage-by-stage preparation and subsequent start of production of LNG-carriers in Russia by 2015, drilling platforms in 2018 and military ships in 2020.

Commenting the signing of JV Roman Trotsenko, the head of United Shipbuilding Corporation said that United Shipbuilding will provide most of the funding while the STX will deliver technical expertise needed for the construction of complex vessels such as LNG-carriers.

At the Forum a trilateral strategic partnership agreement was also signed between Sovcomflot, Royal Dutch Shell and United Shipbuilding Corporation (USC). The agreement provides for co-operation between the parties on organising the construction of LNG vessels at Russian shipyards, incorporating the international expertise of Royal Dutch Shell and Sovcomflot.

[mappress]

Shipbuilding Tribune Staff, June 25, 2012