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MoU to enhance Russian-Korean marine cooperation

LNG Industry,

On 13 November 2013, Rosneft, Gazprombank, Sovcomflot and Korean shipbuilding company Daewoo Shipbuilding & Marine Engineering Co. (DSME) signed a memorandum of understanding (MoU) on key terms of cooperation to establish shipbuilding and industrial cluster in the southern part of Primorskiy Krai in the far east of Russia). The parties agreed to jointly complete the construction and launch a new shipyard – the shipbuilding complex Zvezda – in 2016, to establish a Russian-Korean engineering centre for shipbuilding and marine equipment for offshore projects. The companies also agreed key terms for technology exchange, localisation of production and contracts placement.

The MoU was signed in the presence of Vladimir Putin, President of the Russian Federation, and Park Geun-hye, President of the Republic of Korea, as part of the official visit of the Russian President to the Republic of Korea.

Igor Sechin, Rosneft President and Chairman of the Management Board, said: “Rosneft has a large scale programme to develop offshore projects in Russia in challenging conditions in the northern and far east seas. The company assumed obligations to localise in Russia shipbuilding and marine equipment production necessary for offshore projects implementation and is already working actively in this direction.

A multiplying effect

“Following the decision of the Russian President Vladimir Putin, Rosneft, together with its partners Gazprombank and Sovcomflot, is implementing a project to develop shipbuilding and industrial cluster at the Zvezda shipyard that will have 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 recognised reputation for shipbuilding, engineering and production of marine equipment for offshore projects. We are convinced the cluster will become a centre for high-tech arctic shipbuilding in Russia’.

Adapted from press release by Ted Monroe

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