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Caspian Shipbuilding Factory News

22 May 2008

SOCAR Acquires 65 Percent of Stake in Shipbuilding Factory

Within the visit of Prime Minister Han Seung-soo to , Memorandum on creation of Caspian Shipbuilding Factory was signed. State Oil Company of Azerbaijan Republic (SOCAR) President Rovnag Abdullayev said the Memorandum has been signed between SOCAR, Korean STX and Azerbaijan Investment Company (AIC). STX that has initiated the project offers parity distribution of the project shares between all the shareholders – STX itself, Azerbaijan Investment Company (AIC), State Oil Company of Azerbaijan Republic (SOCAR), and Azerbaijan State Caspian Shipping Company (Kaspar). insisted that STX should acquire an equity stake of at least 35% of shares to make the latter to be more interested in the project operatorship and to raise more investments from abroad.

28 Nov 2007

Trouble Arise for Factory in Baku

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.