Zvezda shipyard to get $900m upgrade

Zvedza shipyard

Zvedza shipyard

The Kremlin yesterday instructed Rosneftegaz to invest $900m in the construction of new facilities at the former military Zvezda shipyard in Russia’s Far East. Moscow is hoping that the renovation will enable the shipyard to build the large oil and gas tankers needed to expand Russia’s trade capacity in East Asia, as Russia’s existing shipbuilding facilities are stretched to capacity with orders from orders from the expanding Russian navy.
The yard has already been partially upgraded after Rosneft invested $1.7 billion in its modernization two years ago to convert it into a civilian shipbuilding facility. The project was not without its troubles and this April it was claimed that over $60m had been embezzled. Criminal investigations followed.