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Azerbaijani import of ships, floating structures up over fivefold

Business Materials 2 November 2020 13:10 (UTC +04:00)
Azerbaijani import of ships, floating structures up over fivefold

BAKU, Azerbaijan, Nov.2

By Fidan Babayeva - Trend:

Azerbaijan imported ships, boats, and floating structures worth over $30.2 million from foreign countries in the past nine months of 2020, which 5.3 times more than in the same period of last year, Trend reports citing the statistical bulletin of the State Customs Committee (SCC) of Azerbaijan.

From January through September of this year, Azerbaijan’s export of ships, boats, and floating structures made up $105,650, a decline of 1.9 times year on year, the bulletin said.

Baku Shipyard LLC (shipbuilding plant) was registered as a resident of Garadagh Industrial Park.

The plant, which meets modern requirements, created on the basis of technologies from Finland, the Netherlands, Germany, the UK, Korea, and Singapore, assembles and repairs tankers, bulk carriers, and vessels for various purposes.

In 2019, the State Oil Company of Azerbaijan (SOCAR) increased its share in the Baku Shipyard from 70.21 percent to 87.47 percent.

The other shareholders of the company are Azerbaijan Investment Company (8.95 percent) and KV Enterprises B.V. in Singapore (3.58 percent).

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Follow the author on Twitter: @Fidan_Babaeva

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