“Zvezda” Will Get Billions More

April 8, 2021

“Rosneftegaz” state holding will invest another 143 billion rubles to the construction of “Zvezda” shipyard in the Far East. The corresponding government directive was released in February as it follows from the reports published on April 8. In 2020, the Cabinet of Ministers already ordered “Rosneftegaz” to buy out the shares of the shipyard worth 100 billion rubles. Capital expenditures for the creation of a shipyard for large-scale construction were estimated at 200 billion rubles in 2019.

The state-owned “Rosneftegaz” is to acquire shares in the amount of 143.2 billion rubles as part of an additional issue by private subscription from JSC “Modern Shipbuilding Technologies” (82.35% belong to “Rosneftegaz”, 13.1% – to the “All-Russian Regional Development Bank” controlled by “Rosneft”, remaining 4.55% belongs to “GPB Industrial Investments”), which owns “Zvezda” shipbuilding facility. The release of the corresponding government directive on February 15 is stated in the financial statements of Rosneftegaz for 2020.

“Zvezda” receives unprecedented support measures from federal government. For example, the government planned to subsidize two-thirds of the rate on loans taken by a consortium of “Rosneft”, “Rosneftegaz” and “Gazprombank” for shipyard construction, In addition, the state subsidizes the construction of large-capacity ice class gas carriers and product carriers for “NOVATEK” at Zvezda. In fact, the subsidy amounts for 31.6 billion rubles for 2021–2023, which should compensate for the difference in shipbuilding costs at a Russian shipyard compared to South Korea. A metallurgical plant with a capacity of 1.5 million tons of steel and pipe products worth $ 2.2 billion also will be built in Primorsky Territory for “Zvezda” shipyard.

Source: https://www.kommersant.ru/doc/4763090




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