Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Russian Far Eastern Shipyard to Get $900 Million Renovation

Rosneft in 2013 invested 111 billion rubles ($1.7 billion) to modernize Zvezda for civilian shipbuilding.

The Kremlin has asked Rosneftegaz, the state-owned parent company of oil giant Rosneft, to invest 60 billion rubles ($900 million) to build new facilities at a former military shipyard in Russia's Far East, according to a decree published on the Kremlin website Tuesday.

Moscow hopes a renovated Zvezda shipyard would be able to build large oil and gas tankers to expand Russia's trade capacity in East Asia. Russia's existing shipbuilding facilities are loaded with military orders for the country's expanding navy.

The yard has already been partially reconstructed. Rosneft in 2013 invested 111 billion rubles ($1.7 billion) to modernize Zvezda for civilian shipbuilding. However, the project has not been scandal-free. In April, a presidential envoy to the Far East said that over 4 billion rubles ($60 million) were lost to embezzlement at the shipyard, sparking criminal investigations.

Rosneftegaz's new investment in the yard was first announced by President Vladimir Putin at the Eastern Economic Forum in Vladivostok earlier this month. Zvezda is one of the government's flagship Far East development projects — a series of initiatives designed to boost the economy on Russia's underdeveloped eastern frontier. Moscow is seeking to increase trade ties in Asia to offset a decline in trade with Europe and the U.S., which has been constricted by sanctions over the Ukraine crisis.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more