Hyundai building new shipyard in Kazakhstan

Hyundai Corporation is negotiating for construction of a shipyard in the Caspian Sea area with Kazakhstan’s state-owned energy company KazMunaiGaz National. However, Hyundai will only participate in the construction phase of the yard facilities and it is not considering joint investment in the yard.

At present, Hyundai Corporation president Noh Young-don is accompanying South Korean president Lee Myung-bak in his round of visits to Central Asia for resources cooperation, and the shipyard construction project seems to have been negotiated during the tour.