Rosenergoatom Fulfils All Commitments on PATES Project

30.01.2012 JSC Rosenergoatom timely fulfills all financing commitments on floating nuclear co-generation plant (PATES) to be completed by Baltiysky Zavod shipyard, said Alexei Kravchenko, spokesman for United Shipbuilding Corporation (USC). He confuted statements of some trade union militants of St. Petersburg about allegedly non-fulfilled financial commitments on PATES project.

"Rosenergoatom has completely settled all problems with Baltiysky Zavod, including financing issues of PATES project", said today Valery Venkov, director general of JSC Baltiysky Zavod. "We closely cooperate with our partners from Rosenergoatom and see that not only all commitments are fulfilled but they are ready to help baling out of the difficulties Baltiysky Zavod was put in by former managers", emphasized Venkov.

"Presently, in full accordance with earlier agreements, we're holding joint expertise appraising completeness of the floating nuclear powerplant. The point is that we have serious concerns that previous directors of Baltiysky Zavod misinformed the customer by accounting for larger sum than was spent for the powerplant's construction", said the director.

Results of that audit, he added, "will be undoubtedly included into the plans of cooperation with Rosenergoatom under the PATES project for 2012; principal items of that plan have been already agreed". "Significantly thanks to partnership with Rosenergoatom, we managed not only to pay off wage arrears but to raise salaries on 25% since January 1st", pointed out Venkov.

"Charges to Rosenergoatom appeared in the press around the PATES problem are absolutely incorrect, and people made those accusations represent neither Baltiysky Zavod nor its trade union organization", stressed the spokesman for USC.

Meeting with staff of Baltiysky Zavod on Oct 11, 2011, Russian vice premier Dmitry Kozak said the governmental order to transfer the pre-bankrupted shipyard under management of USC had been executed. That became possible when the Central Bank handed over the yard's control stock to USC for fiduciary management. The corporation was tasked to settle wage payment and prepare anti-crisis program.

JSC United Shipbuilding Corporation is the Russia's largest shipbuilding company. It was established in 2007; 100% shares is federal property. The holding comprises over 50 companies and organizations of shipbuilding industry (largest shipyards and ship-repair plants, leading design bureaus). Presently, the corporation consolidates about 70% of national shipbuilding sector. Although the company is oriented on Russian market, it exports production to 20 countries.

JSC Baltiysky Zavod shipyard is specialized in construction of warships, civil large-tonnage cargo vessels, icebreakers (including nuclear-powered ones), and other marine equipment and engineering products.