Germany: The board of creditors at insolvent Wadan Yards approved the sale of the shipyard to Russia's former minister for energy, Igor Yusufovon on Monday (August 17).
The former minister-turned businessman is also a board member of Russia's state-owned gas company, Gazprom. He plans to leverage this position to help attract orders from Russian fleet owners in need of specialised vessel such as ice-breakers. This would mean the end of Wadan's tendency to build ferries and freight vessels; however, it is estimated that Mr Yusufov's takeover will secure the jobs of half of Wadan's 2,500-strong workforce.
The Minister for Economics in Mecklenburg-Western Pomerania, Juergen Seidel, said that Mr Yusufov's US$56.3 million investment into the yard's facilities to enable it to take on new orders was a welcome plan.
