STATE-OF-THE-ART SHIPYARD TO BE BUILT IN AZERBAIJAN
Baku, 22 November (AZERTAC). A state-of-the-art shipyard will be constructed in Azerbaijan, according to the country`s economic development ministry.
A relevant Memorandum of Understanding was signed by Azerbaijan`s State Oil Company (SOCAR), Azerbaijan Investment Company (AIC) and Singaporean Keppel Offshore & Marine, one of the largest offshore and marine groups in the world.
The shipyard will be located near the Heydar Aliyev Baku Deepwater Jackets Factory. The construction, estimated to cost between 300 and 350 million US dollars, is scheduled to complete in 3 years.
Speaking to the signing ceremony, Azeri economic development minister, Shahin Mustafayev, said the construction of the facility “will boost shipbuilding industry in Azerbaijan”.
“It will also boost Azerbaijan`s export potential,” the minister added.
“The construction is scheduled to start this year, and in future we plan to send the facility`s staff abroad for trainings in order to improve their skills.”
SOCAR President, Rovnag Abdullayev, hoped the project would be “a tremendous boost” to Azerbaijan`s economy.
“It will increase our export potential and also boost our capabilities as a transit country.”
Under the Memorandum, 70% of the shares in the facility belong to SOCAR and the rest 30% to the Azerbaijan Investment Company, while Keppel Offshore & Marine can further acquire a 10-percent stake in the business.
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