Russia's USC to build new shipyard in Far East by 2032 - VTB head

MURMANSK. March 28 (Interfax) - The construction of a new United Shipbuilding Corporation (USC) shipyard in Russia's Far East will take about seven years, the head of state bank VTB , Andrei Kostin said on the sidelines of the International Arctic Forum in Murmansk.

USC is under the management of VTB and Kostin has chaired the state corporation's board of directors since 2023.

"By about 2032 there will be a new Primorye shipyard that will be built in Vladivostok," Kostin said. USC also has plans to completely modernize the Severnaya Verf shipyard in St. Petersburg by 2030, he said. In total this will increase USC's production capacity by 20-25 vessels per year.

"We are now talking about building three new nuclear powered icebreakers that are needed for the development of the Northern Sea Route," Kostin said.

The new USC strategy to 2036 that was recently approved is "clear," he said. "We will develop both civilian and military shipbuilding, build new shipyards. We will now build in the Far East, modernize the shipyard in St. Petersburg, completely modernize it. We have big plans, including to supply the Northern Sea Route with nuclear icebreakers and merchant vessels, and will also produce gas carriers and tankers," Kostin said.

"In general, big plans, but we'll see gradually, this is a long process. At least five to seven years are needed to build a shipyard, and all this won't happen immediately," he added.

Asked about the failed deal for USC to acquire the Zvezda shipyard in the Far East, Kostin said it was "unplanned."

"We don't have available resources for this right now and we decided that it's better for us to develop on our own, and the owner is prepared to continue further," Kostin said.