Rosneft Signs Agreement with Daewoo for Offshore Projects

Russia’s Rosneft signed a Memorandum of Understanding with Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) on Wednesday with the intention to advance its offshore projects in the Arctic. Rosneft, Daewoo, Gazprombank and Sovcomflot will join their forces to establish a cluster in the Russian Far East.

“Rosneft has a large-scale program to develop offshore projects in Russia in challenging conditions in the Northern and Far East seas. The company assumed obligations to localize in Russia shipbuilding and marine equipment production necessary for offshore projects implementation and is already working actively in this direction,” Igor Sechin, Rosneft President and Chairman of the Management Board, commented in a note released on Wednesday. 

The cooperation with DSME, Gazprombank and Sovcomflot will simplify the construction of the shipbuilding and industrial cluster at the Zvezda shipyard. The collaboration could result in the construction of at least 13 liquefied natural gas (LNG) carriers. 

“We are glad the project will be implemented with the support of such an experienced technological partner as DSME, which owns cutting-edge technologies, as well as globally recognized reputation for shipbuilding, engineering and production of marine equipment for offshore projects. We are convinced the cluster will become a centre for high-tech arctic shipbuilding in Russia,” commented Sechin.

As LNG export liberalization approaches, several companies invest in LNG or sign supply agreement with foreign companies.