VEB Bank has announced plans to put more than $1bn into the launch of tanker and oil production platform manufacture in Primorsky Region, the bank’s chief executive Vladimir Dmitriev unveiled earlier today.

Production will be reportedly launched on the premises of Vladivostok-based Zvezda Shipyard.

According to Mr. Dmitriev, Phase 1 construction is to begin in Q2 2010.

The payback period for the project is roughly estimated to be between 10 and 15 years, he said.