Beijing: Today, Russia and China are set to sign an agreement on building a large shipyard in the city of Vladivostok. $200m is expected to be spent on the yard, which sees Yantai Raffles of China and United Shipbuilding Corporation of Russia coming together. Yantai Raffles, founded by Singaporean Brian Cheng, was taken over recently by CIMC, the world's largest container manufacturer. Yantai Raffles is an offshore specialist, based at the northern tip of Shandong province. Its yard contains the world's largest gantry crane, the 20,000 t Taisun (pictured).
Russian shipbuilders are anxious to climb the technology ladder and a number of agreements have been signed between local and leading Korean yards. Today's signing is the first between China and Russia. [15/10/09]
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