Russia's USC shipbuilder, Italy's Saipem in joint venture talks

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Russia's United Shipbuilding Corporation intends to create a joint venture with Italy's Saipem to design ships for offshore oil and gas production, Kommersant business daily said on Wednesday, quoting a source close to the corporation.

Russia's United Shipbuilding Corporation intends to create a joint venture with Italy's Saipem to design ships for offshore oil and gas production, Kommersant business daily said on Wednesday, quoting a source close to the corporation.

The USC board is expected to approve the deal in March-April. The joint venture will be set up and start operating this year, the source was quoted as saying.

Saipem was not available for comment, while USC President Roman Trotsenko confirmed the company's intention to set up the joint venture, without specifying the JV's ownership structure.

Trotsenko said the venture would be a small engineering company with a staff of about 60 people working in Moscow and St Petersburg.

Milan-based Saipem, which operates in 35 countries, designs underwater pipelines and platforms for offshore work and drilling rigs. The company is one of the contractors for the Nord Stream pipeline intended to deliver Russian natural gas under the Baltic Sea to Europe and the Sakhalin-II oil and gas project in Russia's Far East.

Partnership with Saipem will help USC regain its lost engineering potential, Mikhail Pak from Aton investment group was quoted as saying.

MOSCOW, January 12 (RIA Novosti) 

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