Speaking at the ceremony, the Prime Minister stressed that "this is not just a new order: this is the first step to establishing a new business."

"The work will go on for decades," Mr Putin said. He added that a new shipyard building civil vessels (tankers, vessels transporting liquefied gas, etc.) would be built on the basis of the existing shipyard with the help of foreign partners. "Investments are expected to total $400 million," the Prime Minister said.