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Business news, 10.12.2003 17:29

Admiralty Wharves Plans to Invest USD 40 Million in Reconstruction in 2004

Admiralty Wharves of St. Petersburg Admiralty Wharves of St. Petersburg plans to invest USD 40 million in reconstruction of the company's production complex in 2004. The money will come from the company's profits, said Admiralty Wharves General Director Vadim Aleksandrov in a meeting with journalists on December 5. He added that this year alone the company has already invested USD 34 million of its own money in reconstructing its production complex. All the money is being invested in two production lines - for constructing submarines and commercial ships.

Admiralty Wharves Development Department head Yuvinaly Karpenko said earlier that it was necessary to invest approximately EUR 300 million in the re-equipping of the company by the end of 2010 including EUR 60 million on the production complex of special military ships and EUR 238.2 on commercial ships. Admiralty Wharves specializes in constructing submarines, commercial ships and oil platforms. The company has built 298 submarines including 41 with nuclear submarines.

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(c) 2000