STX invests in Azerbaijan shipyard

South Korea’s STX Group has agreed to build a $430 million shipyard in Azerbaijan with local partners. STX said in a statement that the group would hold a 25% stake in the shipyard and the State Oil Company of Azerbaijan Republic (SOCAR) would own 65%, with the remainder to be held by the Azerbaijan Investment Co (AIC).

STX said it would be wholly responsible for the operation of the shipyard to be built by 2011.