VTB Steps into Shipbuilding: Acquiring Zvezda Yard from Rosneft

VTB, Russia's second-largest lender, is set to acquire the Zvezda shipbuilding yard from Rosneft, promising to strengthen its shipbuilding capabilities. The acquisition, still in preliminary stages, involves a trilateral agreement with Russia's United Shipbuilding Corporation (USC) and Rosneft for a thorough due diligence process.

VTB, Russia's second-largest lending institution, is preparing to acquire the Zvezda shipbuilding yard from Rosneft, as confirmed by Andrei Kostin, CEO of VTB, in an exclusive interview with Reuters.

The acquisition transaction is still in its infancy, with an agreement in place among VTB, Russia's United Shipbuilding Corporation (USC), and Rosneft to facilitate a due diligence process. The Zvezda yard is praised for its advanced capabilities, specifically in constructing large Arc7 ice-class tankers that transport liquified natural gas across icy Arctic routes.

Kostin expressed enthusiasm about the deal, emphasizing the strategic consolidation in the shipbuilding industry. He reiterated VTB's commitment to participating in this sector for the long haul.

(With inputs from agencies.)