Trouble Arise for Factory in Baku

Wednesday, November 28, 2007
Plans of Ministry of Transport of Azerbaijan for expansion of new Baku International Sea Trade Port (in Alat settlement of Garadagh region) effected projecting of Caspian Shipbuilding Factory. Azerbaijani Government said that expansion of new port does not allow to determine definitely location of new factory. “Speed-up of the projecting is possible after expected projecting of new Baku Port in Alat in December-January,” the Government informed. The Factory will be able to produce whole spectrum of ships – from yachts to coarse tankers. The project will be realized by Korean STX and Azerbaijan Investment Company (AIC). STX has already completed the feasibility study and presentation of project of Caspian Shipbuilding Factory in Baku can be held in late November – early December.

Memorandum on Caspian Shipbuilding Factory Project was signed on April 24 in Seoul. According to the memorandum, AIC is ready to purchase 25% of stake in the project. The Factory will be oriented to repair ships including tankers to transport Kazakh and Turkmen oil. That will be a single factory in Azerbaijan but its capacity will depend on portfolio of orders. Source: ABC

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