TODAY.AZ / Business

Azerbaijan, STX sign MoU on shipyard construction

26 April 2007 [08:19] - TODAY.AZ
On April, 24 Azerbaijain Investing Company and South Korean STX Shipbuilding Co. signed the memorandum of understanding due to which it is planned to build a shipyard to produce and repair tankers in Garadag district.

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, reports Delo quoting Reuters.

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