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Hyundai Samho, Rosneft Ink Cooperation Deal on Aframaxes

Hyundai Samho, Rosneft Ink Cooperation Deal on Aframaxes
South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI) has entered into a technical cooperation agreement with Russia’s oil major Rosneft.

Under the deal, the South Korean company will provide technical support in the design and construction of Aframax class vessels, including those using capable of running on natural gas, at the Zvezda shipyard in Bolshoy Kamen at the XXI Petersburg International Economic Forum.

The legally binding document was signed as a part of the development of the agreement, under which a joint venture Zvezda-Hyundai was established in May 2017 between Shipbuilding Complex Zvezda and HSHI in the field of engineering and project management.

The establishment of JV will enable HSHI, together with the Russian partner, to implement ship construction projects in the new promising segment of the shipbuilding market – the construction of Green Aframax tankers, according to Rosneft.

“Technological partnership with the world’s largest shipbuilding company will allow us to acquire the necessary competencies in the area of engineering support and management of ship construction projects,” Igor Sechin, Rosneft Chief Executive Officer, said.

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