STX to build shipyard in Azerbaijan

Azerbaijan Investing Company and STX Shipbuilding Co. signed the memorandum of understanding to build a shipyard to produce and repair tankers in Garadaga, in the region of Baku. According to Riad Gasymov, the assistance of the chief executive of Azerbaijan Investing Company, the investments and the building period will be announced in June-July this year when the technical and economical basis will be ready.

It is planned that the share of STX will total 75% and the share of Azerbaijan 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.