Russian Government to Invest in Sevmash and Zvezdochka Shipyards

In 2012-2014 Russian government plans to bring RUR 9.8 bln in authorized capital of JSC United Shipbuilding Corporation. Substantial part of this sum will be appropriated to increase capital stocks of Severodvinsk shipyards Sevmash and Zvezdochka.

As was said in the draft federal law “On Federal Budget 2012 and planning period of 2013-2014″ released on website of Russian Ministry of Finance, it is planned to allocate RUR 3.2 bln in 2012 and 2013, and RUR 3.4 bln in 2014. Reportedly, the funds are given ” for further financial recovery of JSC Amur Shipyard” (Komsomolsk-on-Amur, Khabarovsk region).

The document says that in 2012 it is planned to bring RUR 303,120 mln in authorized capital of JSC Sevmash Shipyard in order to compensate payment of interests on credits received earlier from Vneshekonombank.

Also, the government may put RUR 412 mln in authorized capital of JSC Zvezdochka Ship Repair Center in 2012 and RUR 190 mln in 2013. The funds are to be appropriated for innovative projects on construction, recovery, and technical modernization.

(9.8 billion Russian rubles = 306.64200 million U.S. dollars)