Admiralty Wharves has invested USD 34 million in modernizing the enterprise this year. As a Rosbalt correspondent reports, this was announced on November 22 by General Director Vadim Alexandrov. He said the money was spent on new equipment for the enterprise's two lines of production: the submarine production line and the line for commercial shipping.

Earlier Yuvinaly Karpenko, head of the department for potential growth, had announced that almost EUR 300 million must be invested in new equipment by 2010. This includes EUR 60 million on special shipping production (military) and EUR 238.2 million on commercial shipping.

Admiralty Wharves specializes in the production of submarines and oil-tankers. The company has built 298 submarines including 41 nuclear submarines.

News source: www.rosbaltnews.com
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