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Severnaya Verf Shipyard Gets New Director

Severnaya Verf Shipyard Gets New Director 21.08.2012
Text: Abnews.ru
Photo: Astok-press.ru
Anatoly Tyukov was elected Director General of JSC Severnaya Verf shipyard, reports Business News Agency referring to the company's press service.

Severnaya Verf is Russia's leading shipbuilding company. It is controlled by United Shipbuilding Corporation (USC) owning 20% of the shipyard's shares.

Net loss of the company in the first half of 2012 was RUR 763.07 mln.

Auction on 75.8% shares of Severnaya Verf was canceled early in Aug due to lack of bidders. The tendered share package earlier belonged to ex-senator Sergei Pugachev and then was pawned to the Central Bank as a charge for a credit of MezhPromBank. In Oct 2011, the shipyard was trusted to USC.

Currently, USC expects price cutting.

It got about yesterday that Severnaya Verf and SberBank tied an agreement on non-revolving credit line for RUR 6.7 bln in order to build Project 22350 frigates under the state defense procurement program.

As was said in the shipyard's press release, the agreement was approbated by the board of directors on Aug 17, 2012. Credit payment period expires on Dec 31, 2016. Credit interest rate was not specified.

That credit is supported by guarantees of Russian Ministry of Finance. Overall extent of governmental guarantees given to the shipyard under the arms procurement program makes at least RUR 9,534.6 mln.

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