OPK signs Memorandum with Japanese leading companies on shipbuilding and shipping

April 27, 2009 United Industrial Corporation (OPK) and Japanese leading shipbuilding and shipping companies – Mitsubishi Heavy Industries, Ltd., Mitsui & Co., Ltd. and Nippon Yusen Kabushiki Kaisha, signed Memorandum of Understanding for business cooperation.

In the framework of such cooperation OPK plans to modernize its shipbuilding capacities on "Severanya Shipyard" and "Baltiysky Zavod" in order to ensure construction of LNG carriers.

The Japanese partners, having vast experience in the field of shipbuilding and shipping with implementation of advanced technologies and ship-operation, will participate in working-out of OPK's shipbuilding capacity modernization plan, as well as will provide consulting support directly in LNG carriers' construction.

The Parties to the Memorandum plan to participate in OJSC "Gazprom"'s tenders with the objective to take part in the program of OJSC "Gazprom" to have LNG carriers constructed for Shtokman LNG project, as well as to participate in programs of other companies developing the Arctic shelf.

The parties consider that combination of production capacities and existing experience of the partners will enable to propose the optimal production and economical decisions for LNG carriers, which will be operated in severe climate conditions in developing the Shtokman LNG Project.

The Parties to the Memorandum have a vast experience in shipbuilding and shipping. For one century of existence Mitsubishi Heavy Industries, Ltd. have become one of the flagships of Japanese industry and created a unique technological and production base. Nippon Yusen Kabushiki Kaisha is one of the world's leading shipping companies. Mitsui & Co., Ltd. has a significant experience in organization of LNG project, including participation in such projects as Sakhalin-II, North-West Shelf of Australia, gas production in Qatar, Equatorial Guinea, Oman, etc. Mitsui also has a vast experience in organization of LNG Carrier construction through its ownership in more than 30 LNG vessels. United industrial corporation (OPK) comprises the leading Russian shipbuilding and project enterprises - "Severnaya Shipyard", "Baltiysky Zavod", "Aisberg" design bureau.

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# 2(28), 2009