USC set to purchase shipbuilding assets of CRN Group
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The ongoing transactions of Caspian Energy Projects (CNRG Projects) to buy out shipbuilding assets are part of United Shipbuilding Corporation program aimed at the acquisition of 41% of shares of Caspian Energy, the Group said.
Yesterday, CNRG Projects announced the acquisition of a 80.16-percent stake in Shipbuilding Ship Repair Yard named after III International and 15.73% of common stock in Lotos Shipayrd.
Caspian Energy Projects is a CNRG Group’s business unit engaged in procurement and different projects management, providing logistics services, installation, commissioning and start-up testing.
United Shipbuilding Corporation established in 2007 has become the largest state-owned shipbuilding company in Russia. The holding comprises more than 50 companies and organizations of the industry (major shipbuilding and repair yards, leading design offices). United Shipbuilding Corporation owns a 50% stake in Arctech Helsinki Shipyard, a joint venture with STX Finland Cruise Oy. The Corporation has already consolidated about 70% of the domestic shipbuilding industry.