State Development Corporation VEB.RF has delivered the first RUB331mn tranche to finance the construction of a ship repair cluster in Petropavlovsk-Kamchatsky. The Praesidium of the State Commission for the Socio-Economic Development of the Russian Far East identified this investment project as a priority for concessional financing by VEB.RF.
The total project value is estimated at RUB3bn.
VEB.RF’s Deputy Chairman Artem Dovlatov: “A new ship repair cluster is part of the Petropavlovsk-Kamchatsky master plan developed with support from VEB.RF. It is another example of VEB.RF’s integrated approach for projects to be delivered in the Russian Far East. We are involved in developing master plans and financing key investment projects defined by development strategies for the Russian Far East”.
Under the project, we are going to create a modern shipyard providing repair and maintenance services for different kinds of vessels. The cluster is expected to carry out 33 dry dock and 120 wet dock repairs per annum. It will also provide servicing for the Northern Sea Route. The cluster is due to open in Q4 2026.
This will be a landmark ship repair and logistics project for the Kamchatka Territory that aims to renew the ship repair industry in the region and offer an alternative to international ship repair centres.
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