The construction of a super shipyard in Kronshtadt (Kotlin island, Leningrad region) is to commence in 2010 provided that Vnesheconombank (VEB) grants a credit , local media reported.

According to Georgy Poryadin, BoD Chairman of Vyborg Shipyard, VEB Credit Committee is to meet on July 25th and to decide upon disbursement of the first tranche to the amount of RUR 1.5bn ($47.7m).

Poryadin says the shipyard has already been designed to the expenses of Vyborg Shipyard shareholders.

According to him the construction is likely to commence in 2010 and to be completed in 2013 provided that VEB finances it. The construction of the shipyard is valued at RUR 38.5bn.

As it was reported earlier, the general meeting of the shareholders of Vyborg Shipyard held May 22nd approved a large transaction according to which the company stands as a guarantor for VEB loan to Primorskaya Verf LLC to the amount of at least RUR 27.2bn.