MOSCOW, March 9 (RIA Novosti) - A united shipbuilding corporation will be established to combine all state financial assets in this sphere, First Deputy Prime Minister Sergei Ivanov said Friday.

Ivanov, who is also chairman of the board of the United Aircraft Building Corporation, said the decision was made at President Vladimir Putin's conference on shipbuilding reform.

He said the corporation will unite three regional sub-holdings, Northern, Western and Far-eastern.

Ivanov said Russian wharfs were overloaded with military orders the main problem being "insufficient equipment and capacity for civilian shipbuilding."

The 90% state-owned United Aircraft Building Corporation will incorporate commercial and military aircraft makers, such as Sukhoi, Ilyushin, and Tupolev, as well as companies involved in distribution, including Aviaexport.

It is set to begin operations in the first quarter of 2007 and to hold an IPO in early 2008.