A United Shipbuilding Corporation (USC) yard in Russia is targeting merchant vessels with an RUB 30bn-plus ($459m) investment.
The cash will be spent over 17 years to develop the Krasnaya Kuznitsa shipyard in Arkhangelsk, its chief engineer Alexei Minayev told the TASS news agency.
"That would be own and borrowed money," he added.
The idea is to turn the plant into a modern construction and repair base.
