Friday, November 15, 2013

Russian, Korean Companies to Build New Shipyard

Russian petroleum company Rosneft, Gazprombank & Sovcomflot and Korean shipbuilding company Daewoo Shipbuilding & Marine Engineering have signed an agreement to establish a shipbuilding and industrial cluster in the Russian Far East.

The parties say they’ve agreed to jointly complete the construction and launch the new shipyard and shipbuilding complex in 2016 in the southern part of Primorskiy Krai. The contract was signed in the presence of Russian President Vladimir Putin and Park Geun-hye, the President of the Republic of Korea, as part of an official visit by Putin to the Republic of Korea.

The companies say they plan to establish a Russian-Korean engineering center for shipbuilding and marine equipment for offshore projects. The companies also have agreed to key terms for technology exchange, localization of production and contracts placement.

Rosneft has a large-scale program to develop offshore projects in Russia. The company, according to President & Chairman Igor Sechin, has obligations to localize in Russia shipbuilding and marine equipment production necessary for offshore projects implementation and is actively working in this direction. Sechin said his company and Daewoo Shipbuilding are implementing a project expected to have a “considerable multiplying effect on all related industries.”

“We are glad the project will be implemented with the support of such an experienced technological partner as DSME, which owns cutting-edge technologies, as well as globally recognized reputation for shipbuilding, engineering and production of marine equipment for offshore projects,” Sechin said in a prepared statement. “We are convinced the cluster will become a center for high-tech arctic shipbuilding in Russia.”