OREANDA-NEWS. As part of an official visit by the President of the Russian Federation to South Korea, a memorandum of understanding was signed between OAO Sovcomflot, OAO OC Rosneft, OAO Gazprombank and Korea’s Daewoo Shipbuilding & Marine Engineering Co., Ltd in the presence of the two respective presidents.

The parties agreed upon the joint completion of construction work on new shipbuilding facilities at the Zvezda yard in the Far East, which are due to commence operations in 2016. The scope of the agreement also included the creation of a Russo-Korean engineering centre specialising in shipbuilding and maritime technologies for offshore projects. The memorandum provides for the exchange of technologies between the Russian and Korean parties, the localisation of production and placement of orders in Russia.

Sovcomflot President Sergey Frank attended the signing ceremony and gave the following statement:

“Sovcomflot plays an active role in large offshore oil & gas projects both in Russia and overseas. Our tankers specialise in maritime shipping in the challenging climatic conditions of the Arctic and Far Eastern seas. Our crews have long-standing experience of working in the north. Sovcomflot is interested in the full implementation and success of the shipbuilding project at Zvezda, the foundations of which were laid in the presence of the heads of Russia and South Korea. We are in active talks with all interested parties regarding a series of vessels that could be built at the new yard. In the nearest future, we expect to have the opportunity to place orders – primarily for high-demand technologies used in offshore operations.”