North West | Industry, manufacturing | Finance, business

RFs $320m+ Sevmash support package aired

5 Oct '09
The RF is planning to add another $129m to the authorized capital of Arkhangelsk Regions Sevmash Shipyard, Prime Minister Vladimir Putin and Minister of Industry and Commerce Viktor Khristenko announced earlier today.

In a separate announcement, Mr. Khristenko said VEB Bank was to postpone repayment of Sevmashs $194m loan for five years.

As a result of this move, and a boost in production, Sevmashs sales are expected to hit $968m by the year end.

Sevmash Shipyard in the town of Severodvinsk specializes in construction, overhaul and upgrades of nuclear submarines; it also manufactures oil production platforms.
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