Hyundai Heavy to build two tankers for Russian firm
Friday April 2, 2:00 am ET
VLADIVOSTOK, Russia, April 2 (Reuters) - South Korea's Hyundai Heavy Industries Co. (KSE:009540.KS - News) has signed a deal with a Russian shipping firm to construct two large Suezmax oil tankers, the Russian company said on Friday.
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Natalia Mironova, a Primorsk Shipping Company (Prisco) spokeswoman, said the tankers, with 166,000 tonnes deadweight each, will be built by 2007 and mainly used to carry crude from Russia's ports on the Baltic Sea to international markets.
Prisco is Russia's fourth biggest shipping firm running 43 tankers with a total deadweight of 785,000 tonnes, made up mainly of barges.
She declined to say how much the deal was worth.
Russia, the world's second largest oil exporter, expects crude exports to rise further, including through ports on the Baltic Sea.
Prisco had previously contracted Hyundai Heavy to build three 100,000-tonne tankers to be used to ship oil from ExxonMobil-led (NYSE:XOM - News) Sakhalin-1 oil project in the Russian far east to Asian markets.
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