Russian Government Plans USD 34 Million in Support Funds for Sevmash Shipyard

It is planned to appropriate RUR 1.1 bln of federal budget resources to support JSC Sevmash Shipyard (Severodvinsk, Arkhangelsk region) in 2012-2014. That is provided by draft budget submitted for parliamentary consideration. In particular, budget 2012 implies over RUR 263 mln as payment of interests on credits granted by Vneshekonombank.

Besides, it is planned to appropriate RUR 282.23 mln in 2012 for re-equipment and modernization of the shipyard, RUR 306.15 mln in 2013, and RUR 252.3 mln in 2014.

Sevmash shipyard was established in 1936. Since 1939 the yard has built 45 surface ships and 163 submarines including 128 nuclear-powered ones. Since 1990 Sevmash has built over 100 various civil vessels for foreign customers (tugs, minibulkers, pontoons, fish-breeding plants). The shipyard puts high priority on Arctic oil-and-gas field development projects.

(1.1 billion Russian rubles = 34.1297 million U.S. dollars)

Source: rusnavy, October 7, 2011; Image:sevmash

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Posted on October 7, 2011