STX to help build Russian shipyard

STX Shipbuilding agreed to help build a $1 billion shipyard near the Baltic Sea port of Primorsk, Russia’s biggest oil terminal, according to a statement by investment company Summa Capital.

The shipyard will be completed in the next five years and focus on building oil and gas tankers p to 250,000 DWT. South Korea’s STX, which owns Europe’s largest shipyard, will contribute shipbuilding technology, and Summa Capital will finance the project with loans and its own funds and plans to recoup its investment in just under 12 years.