AB KIAP provided legal support for Zvezda Shipbuilding complex in conclusion of transaction on launch of joint venture with Hyundai

AB KIAP provided legal support for Zvezda Shipbuilding complex in conclusion of transaction on launch of joint venture with Hyundai

In May 2017 Russian “Zvezda Shipbuilding complex” and Korean Hyundai Samho Heavy Industries Co. Ltd (HSHI) have launched a joint venture in the field of engineering and project management – OOO “Zvezda-Hyundai” in Bolshoi Kamen, Prymorsky Kray. Terms of transaction stipulate for the South Korean company to provide technical support in designing and building of “Aframax” class ships at shipyard “Zvezda Shipbuilding complex”. Hyundai is to oversee the compliance of working design documentation with basic vessel draft which is transmitted to the capital of joint venture.

The transaction is carried out within the framework of joint project of RNG Joint Stock Company, Public Joint Stock Company Rosneft Oil Company and Joint Stock Company “Gazprombank” as for localization of vessels production and development of shipbuilding cluster  in the Russian Far East. Zvezda Shipbuilding complex is being created on base of the far Eastern center of shipbuilding and ship repair. The construction of the shipyard is estimated at 146 billion rubles

First shipbuilding orders were placed by Public Joint Stock Company Rosneft Oil Company. In particular agreement between Zvezda shipbuilding complex and HSHI provides for construction of five “green” tankers of type “Aframax” on the fisrt stage, which are to be used in the interests of the Rosneft Oil Company.

AB KIAP provided legal support to Zvezda Shipbuilding complex in preparation of transaction documents and negotiations with partner on terms of the transaction. The deal was accompanied by KIAP Partner Anton Samokhvalov, Head of Commercial practice Julia Kirpikova and Associate Ekaterina Pomykalova.