Russian bank Vnesheconombank will underwrite $1.6bn for the construction of tankers at the Zvezda shipyard in the country’s far east.

The project includes newbuild tankers, liquefied natural gas carriers and offshore drilling platforms, according to local Russian reports.

It underlines the establishment of a shipbuilding centre at the Zvezda shipyard in the Far East which involves a dry dock and a yard where tankers, LNG carriers and drilling platforms will be built.

The project has been initiated by the United Shipbuilding Corporation, the Russian state shipbuilding holding and will be implemented through project financing.