South Korean shipbuilding and shipping conglomerate the STX Group said Monday it has signed an initial deal to build a $1 billion shipyard in Russia.
The group said a memorandum of understanding covering engineering, procurement and construction for the St. Petersburg project was signed with OAO United Shipbuilding Corp.
STX has also been seeking to jointly build shipyards in Brazil and the United Arab Emirates. The group has 18 shipyards in eight countries, including South Korea and China.
Earlier this month, STX Offshore and Shipbuilding won a $400 million deal from SCF Sovcomflot of Russia to build two liquefied natural gas carriers.
