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Business news, 19.02.2008 08:50

New Shipyard For City

Vnesheconombank will finance the construction of an 18 billion-ruble ($733 million) St. Petersburg shipbuilding complex owned by billionaire Sergei Pugachyov, Kommersant reported, citing the bank.

Vladimir Dmitriev, head of the state-owned bank, signed an agreement last week with Alexander Gnusarev, chairman of Pugachyov’s United Industrial Corp. (OPK), according to Kommersant. The project will increase the capacity of the Severnaya Verf shipyard, the Russian daily said.

Moscow-based OPK is also considering a syndicated loan that would allow it to seek additional financing because the project’s cost is expected to grow.

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