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Joint Venture of Gazprombank OAO and NK Rosneft' OAO to Get 75% in Far East Shipbuilding and Repair Center OJSC-Interfax


Monday, 28 Oct 2013 05:03am EDT 

Interfax reported that Gazprombank OAO and NK Rosneft' OAO are due before October is out to create, on an equal footing, the joint venture CJSC Modern Ship-building Technologies, which will acquire 75% minus two shares in United Shipbuilding Corporation (USC) subsidiary Far East Shipbuilding and Repair Center OJSC (FESRC), say materials, seen by Interfax, for an October 24 meeting of the government's commission on the socioeconomic development of the Far East. The materials say the Sovcomflot shipping company will not be part of the consortium, although Valery Golubev, deputy CEO of Gazprom, has said the shipping company was being considered as a possible consortium member. The documents say the 75% of FESRC should be transferred to the consortium in November. USC will keep the other 25%. The consortium's representatives will join the FESRC board of directors in December. It has also been agreed that the assets that will form a ship-building cluster in the Far East will not include the Amur or Khabarovsk shipyards and affiliated entities. The consortium is acquiring the stake in FESRC to turn the Zvezda shipyard into a civilian shipyard. The materials say the consortium is thinking of raising Vnesheconombank (VEB) loans for the project. 

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