STX to build Caspian shipyard

South Korea???s shipbuilder STX is ready to launch a project to be realized jointly with Azerbaijan Investment Company (AIC) to construct a shipyard near Baku on the Caspian Sea in Azerbaijan. Anar Akhundov, AIC Chief Executive, said that STX has completed feasibility study on the project.

???Presentation of ship-building factory in Baku is expected. It may be held in the end of November – early December,?? Akhundov said. The factory will possibly be located in Alyat settlement where the Baku Port will be transferred as well.

The Memorandum on the project was signed in Seoul on 24 April and specifies that AIC is ready to acquire a 25% equity stake in the project. The shipbuilding factory is to repair vessels, including tankers for Kazakh and Turkmen oil transportation. It will be a single factory in Azerbaijan, but its capacity will depend on portfolio of orders.