Russia gets Korean shipbuilding help

Russia’s United Industrial Corporation (UIC) and South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) have signed a memorandum on interaction in shipbuilding projects, local media in St Petersburg report.

The document envisages cooperation, coordination of strategies and joint actions in shipbuilding programmes of major importance for UIC and DSME, in particular the construction of a modern shipyard in Russia?s northwest capable of building seagoing vessels of up to 300,000 DWT and an annual deadweight of up to 500,000 tonnes.

One of their top priority goals is the development of Russian shipbuilding in light of the country’s plans to develop the continental shelf. The UIC manages assets worth over $13bn in engineering and shipbuilding (Severnaya Verf and Baltiysky Zavod shipyards and the Iceberg Design Bureau), the financial sector (the International Industrial Bank, or Mezhprombank, group), aircraft building (Sukhoi company), and real estate.