Korean firm to invest in shipyard project
A ship-building plant will be built in Azerbaijan in cooperation
with South Korea, according to an agreement signed in Baku on
Monday.
The deal, inked by the state oil company SOCAR, the Azerbaijan Investment Company (AIC) and Korean STX Shipbuilding Co. Ltd., envisions setting up a joint venture to implement the project. The sides also agreed to develop a feasibility study for the project, apply new technologies in the field and work to acquire additional sources of funding. The amount of funds to be spent on construction operations is not disclosed.
AIC will hold a 10% stake in the joint venture, while SOCAR - 65%, and the Korean company 25%.
The deal, inked by the state oil company SOCAR, the Azerbaijan Investment Company (AIC) and Korean STX Shipbuilding Co. Ltd., envisions setting up a joint venture to implement the project. The sides also agreed to develop a feasibility study for the project, apply new technologies in the field and work to acquire additional sources of funding. The amount of funds to be spent on construction operations is not disclosed.
AIC will hold a 10% stake in the joint venture, while SOCAR - 65%, and the Korean company 25%.
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