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Hyundai Samho sets up a JVC in Russia
Friday, June 09, 2017, 13:00:30 Paul Yoon ckyoon7@paran.com
Hyundai Samho Heavy Industries (HSHI) unveiled that it has inked a technical support agreement (TSA) dated June 2 with Zvezda-Hyundai at SPIEF (Saint Peterburg International Economic Forum).

TSA highlights that HSHI provides to Zvezda-Hyundai wide-ranging technical assistance required in shipbuilding such as ship designing, procurement, shipbuilding manpower management and education. Zvezda-Hyundai is a ship engineering joint venture company (JVC) established for equity share of 49% and 51% between HSHI and Zvesda Shipyard under the roof of FESRC (Far Eastern Shipbuilding and Ship Repair Center).

CEO Moon Kyoon YOON of HSHI and President Tscheluiko Sergey Ivanovich of Zvesda Shipyard inked the TSA at a ceremony at the end of last May at Vladivostok, Russia, to register the JVC.

Under the TSA, Zvesda Shipyard, based in Bolshoy Kamen near Vladivostok, Russia, is going to build aframax tankers from 2018, receiving the technical assistance from HSHI and Zvesda-Hyundai. The Zvesda Shipyard officials paid a visit to HSHI’s shipyard on last May 24 to discuss about the installation of shipbuilding facilities and about procurement of ship machineries.
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