STX to Build Shipyard in Azerbaijan

Thursday, April 26, 2007
Azerbaijain Investing Company and STX Shipbuilding Co. signed the memorandum of understanding for plans to build a shipyard to produce and repair tankers in Garadaga (the region of Baku), reports Delo quoting Reuters. According to Riad Gasymov, the assistance of the chief executive of Azerbaijain Investing Company, the investments and the building period will be announced in June-July of the current year when the technical and economical basis will be ready.

It is planned that the share of STX will total 75%, the share of Azerbaijain Investing Company - 25%. At the present time Azerbaijan has 3 shipyards. The Azerbaijan fleet totals 43 tankers, including 8 tankers delivered from the Russian shipyard Krasnoe Sormovo. Source: SeaNews

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