USC to introduce enhanced financial control of shipbuilding contracts
No new contracts will be concluded without independent technical and economic expert examination
Efficient measures allowing for addressing the shipbuilding industry’s problems, particularly those related to pricing and technical & economic expert examination were proposed at the meeting on developing the shipbuilding industry held by Russian President Vladimir Putin. In pursuance of the presidential instructions, United Shipbuilding Corporation (USC) and the Ministry of Industry and Trade have organized work on conducting an audit of the contracts, already signed and the new ones. United Shipbuilding Corporation will launch a programme of enhanced financial control of the shipbuilding contracts, USC said after the meeting.
In particular, new contracts will not be concluded without independent technical and economic expert examination. Obligatory availability of at least 50% of working design documentation for contracting has been in force at USC from 2016.
The programme of enhanced financial control of the civil contracts will let exclude the debts of the USC companies. “USC always controls profitability of its contracts to ensure efficient spending of each budget ruble,” reads the statement.
United Shipbuilding Corporation (USC OJSC) is the largest shipbuilding company in Russia. It was set up in 2007 with 100% federal ownership. The holding comprises about 40 companies and organizations (major shipbuilding and shiprepairing companies as well as leading design bureaus). Currently, USC consolidates about 80% of the domestic shipbuilding complex. The Russian market is the main focus of the state corporation though it also exports its products to 20 countries worldwide.
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