Azerbaijan Shipbuilding Plan

A memorandum on construction of a shipbuilding plant was signed by the State Oil Company of Azerbaijan (SOCAR), Azerbaijani Investment Company (AIC) and Korean company STX in Baku on 19 May, according to a report on http://capital.trendaz.com. The plant -- which reportedly is owned 65%, AIC – 10% and STX – 25%. -- will reportedly be built in Garadag region of Azerbaijan.The yard, which is intended to build ships for the Caspian Sea trade, is scheduled to be in operation by 2011. (Source: http://capital.trendaz.com)