Shipyard construction launched in Baku
The foundation-laying
ceremony of a shipbuilding yard was held in Baku and attended by
President Ilham Aliyev on Friday.
The shipyard, which is to become the only of its kind in the Caspian basin, will have the capacity to build four 15,000-ton tankers and four supply vessels and repair 80-100 ships a year. The yard will be built by Azerbaijani and Singaporean contractors.
A relevant Memorandum of Understanding was signed in Baku last November by Azerbaijan’s State Oil Company (SOCAR), Azerbaijan Investment Company (AIC) and Singaporean Keppel Offshore & Marine, one of the largest offshore and marine groups in the world. Under the Memorandum, 65% of the shares in the facility belong to SOCAR, 25% to AIC and 10% to Keppel Offshore & Marine.
According to initial estimates, the project is valued at about $300-350 million. The construction is expected to take three years to complete.
The facility is estimated to create up to 2,000 jobs. *
The shipyard, which is to become the only of its kind in the Caspian basin, will have the capacity to build four 15,000-ton tankers and four supply vessels and repair 80-100 ships a year. The yard will be built by Azerbaijani and Singaporean contractors.
A relevant Memorandum of Understanding was signed in Baku last November by Azerbaijan’s State Oil Company (SOCAR), Azerbaijan Investment Company (AIC) and Singaporean Keppel Offshore & Marine, one of the largest offshore and marine groups in the world. Under the Memorandum, 65% of the shares in the facility belong to SOCAR, 25% to AIC and 10% to Keppel Offshore & Marine.
According to initial estimates, the project is valued at about $300-350 million. The construction is expected to take three years to complete.
The facility is estimated to create up to 2,000 jobs. *
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