Russia and Korea to build Balticyard

摘要

Russia's Summa Capital reportedly plans to invest $ 1 Bn in a joint project with Korea's STX to build a shipyard at Primorsk. Vessels of up to 250,000dwt will be built at the yard in the Russian Baltic and the project is expected to be complete in 2014. About 40% of funding will come from Summa Capital, which wants the yard to rival Vyborg Shipyard. Both concerns are seeking to fill orderbooks with long-term commitments from state-owned Gazprom and Rosneft. STX will undertake a feasibility study and has agreed to carry out design, technology transfer and bankability functions, which should assist in the raising of funds.