Hyundai Completes $150 M Oil Tanker Project

Tuesday, November 22, 2005
Construction of three oil tankers with tonnage of 100,000 tons each was finished at the Hyundai Heavy Industries shipyard in South Korea, according to a Moscow News report. After the recent naming ceremony, the tankers, whose total costs amount to $150 million, were delivered to the customer. The tankers were ordered by Sovcomflot, Russia’s largest shipping company. The tankers were designed and built specifically for transportation of oil within the framework of Sakhalin-1 oil and gas project, which is a large source of foreign investments in the Russian economy, according to the report. Two of the tankers will be used for transportation of oil from this production site, while the third one will be used for transporting oil from the port of Primorsk, built in 2001 at the Baltic Sea shore. Source: The Moscow News

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