STX and USC ink JV agreement
During the second day of 16th St. Petersburg International Economic Forum United Shipbuilding Corporation (USC) and STX Group (South Korea) have signed an agreement on the creation of a joint venture, the Corp. press release said. The Russian-Korean joint venture will specialize in building new generation LNG carriers at New Admiralty Shipyard, which will be transporting LNG from Russian fields in the arctic and subarctic shelf.
The agreement signed between Western Center of Shipbuilding (a subholding of USC) and STX Offshore & Shipbuilding also provides for the transfer of technology of LNG construction, the design of modern vessels and training of Russian specialists at the STX facilities.
United Shipbuilding Corporation was founded in 2007 as a 100-percent state-owned group of companies by the Presidential Decree № 394 (March 21, 2007). UCS currently incorporates three regional shipbuilding centers, nine engineering and design offices and 39 dockyards. The Corp’s largest shipbuilding assets include Kaliningrad-based JSC Yantar Shipyard, JSC Admiralty Shipyards (St. Petersburg), JSC PA Sevmash (Severodvinsk), JSC DVZ Zvezda (Vladivostok) and Baltic Shipyard Besides, UCS holds a 50% stake in Arctech Helsinki Shipyard, a joint venture with STX Finland Cruise Oy.
The Corporation participates in several major international projects: construction of a new mega shipyard Zvezda-DSME through a JV with Daewoo Shipbuilding & Marine Engeneering (South Korea), the construction jointly with Yantai Raffles (Singapore) of Vostok-Raffles Shipyard. USC consolidates about 70% of the domestic shipbuilding industry. The Group focuses on the Russian market, but also exports its products to 20 countries.