Russia, South Korea’s STX to Start Work on $1.8 Billion Shipyard

OAO United Shipbuilding Corp. plans to start construction of a 60 billion-ruble ($1.8 billion) shipyard with South Korea’s STX Corp. next year, said Roman Trotsenko, the head of the Russian state company.

The facility will be able start building oil and liquefied- natural-gas tankers in 2015, drilling platforms in 2018 and military ships in 2020, Trotsenko told reporters today at the St. Petersburg International Economic Forum.

STX will acquire 25 percent of the St. Petersburg shipyard, which will be set up as a joint venture, Trotsenko said.

United Shipbuilding will provide most of the funding, and STX will deliver technological know-how, Trotsenko said.

To contact the reporter on this story: Anatoly Temkin in St. Petersburg at atemkin@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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