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FESRC and Hyundai Heavy Industries, Supported by Rosneft, Establish an Engineering and Project Management JV

03 September 2016

FESRC (Far Eastern Shipbuilding and Ship Repair Center) and Hyundai Heavy Industries Co. Ltd. Supported by Rosneft signed within the Eastern Economic Forum an Agreement on the Basic Principles of a Joint Venture for Engineering and Project Management.

The document defines the basic principles of interaction between the JV participants, as well as a timetable for its incorporation subject to all the required corporate procedures.

Partnership with Hyundai Heavy Industries, one of the world's shipbuilding industry leaders, opens up broad prospects for the development of a shipbuilding cluster in the Russian Far East. In particular, this collaboration with the South Korean partner will allow FESRC to get access to unique technical documentation on the production of advanced marine facilities, such as sophisticated “green” Aframax tankers (runnig on natural gas motor fuel). In addition, the partnership with the world largest shipbuilding company will allow to form own expertise of vessel construction projects management and engineering support, and to improve overall production management efficiency. 

JV participation will enable Hyundai Heavy Industries to implement together with Russian partners vessel construction projects in a new perspective segment of the shipbuilding market - construction of Green Aframaxes. Cooperation of the parties in the JV will become another factor, stimulating the transfer of civil vessels and marine equipment production in the Russian Far East shipbuilding cluster.

Rosneft Information Division
tel.: + 7 (499) 517-88-97
September3, 2016

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.