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S. Koreas STX Signs for $1billion Russian Shipyard

Published Jun 20, 2011 3:04 PM by The Maritime Executive

On Monday, South Korea’s STX Corp has inked preliminary agreements with the Russian state-run United Shipbuilding Corp for construction of a new shipyard in Russia worth $1billion. 

Yonhap News Agency reports that the S. Korean shipping conglomerate signed a MOU with the Russian corporation that covered engineering, procurement and construction for the $1billion shipyard that will be located in St. Petersburg. 

STX is currently also seeking to develop shipyards in Brazil, and the United Arab Emirates, in addition to the group’s 18 shipyards sprawling eight countries.