STX to Propose Azerbaijan as Company to Assess Project on Construction of Shipbuilding Facility
Azerbaijan, Baku / Trend corr. I.Khalilova / Anar Akhundov, the Executive Manager of the Azerbaijani Investment Company, has stated that the delegation of the South Korean Holding of STX held consultations on preliminary data within the framework of the project on construction vessels in Azerbaijan.
The experts of STX held, during four days, successful discussions with customers and partners, State Oil Company of Azerbaijan (SOCAR) and Azerbaijani State Caspian Shipping Company.
According to Akhundov, the assessment of the project which will be held by the independent company, will begin in the near future. Taking into consideration the experience of STX in this market, the holding will propose a company and the Azerbaijani Investment Company is to approve the candidature.
The memorandum on the joint financing project was signed between the Azerbaijani Investment Company and STX in Seoul on 24 April 2007. The Korean holding will be the main shareholder and the Azerbaijani Investment Company plans to acquire 25% of the shares.
A shipbuilding facility will be complementary to the project on the construction of a new oil terminal and port in the Garadag region of Azerbaijan. Kazakhstan oil will be transported through this terminal via Baku-Tbilisi-Jeyhan to Europe.