Azerbaijan, Baku, May 21 / Trend, E.Ismayilov /
The main purpose of the construction of a new shipyard in Baku is to ensure the requirements for different ships in the waters of the Caspian Sea, head of the Oil and Gas Construction Trust of the State Oil Company of Azerbaijan (SOCAR) Mirkazim Abbasov's article published by the Respublika newspaper says.
He said the new shipyard will be a major one among the Caspian Sea countries.
"At present, construction of the plant continues and the work is being carried out in accordance with the plan," Abbasov said.
The Trust is involved in the process of the construction of a new plant. Last year, it won the tender announced for the construction of a new plant.
A joint venture was established for the construction. SOCAR owns 65 per cent, Azerbaijan Investment Company - 25 per cent, and KEPPEL - 10 per cent. KEPPEL plans to manage the plant. About 30 per cent of its construction will be funded by joint stock capital and 70 per cent will be provided by attracting bank credit.
The first vessel will be launched in 2013.The area of the shipyard will be 880,000 square metres, closed production area 75,000 square metres. The length of the berths will be 1300 metres.
The total investments in the construction of the new shipyard will amount to $450 million.
The capacity of the shipyard is 25,000 tons of metal work per year. It can annually produce four tankers with a deadweight of 15,000 tons, or two tankers with a deadweight of 70,000 tons. Also the factory can annually produce four ships and has maritime system to ensure towing and repairs of 80-100 ships of different purposes.