Singapore has signed a contract on establishment of a joint venture as
part of construction of a new shipyard and overhaul factory in Baku.
The document was signed between SOCAR (the State Oil Company of the
Azerbaijani Republic), the Azerbaijani Investment Company (AIC) and
Singapore's Keppel Offshore and Marine, Trend reports, citing SOCAR.
The deal on construction of the 'Baku Shipyard' was signed by SOCAR
President Rovnag Abdullayev, AIC head Afgan Isayev and the Executive
Director of Keppel, Tong Chong Heong.
The shares in the venture are as follows: SOCAR — 65%, AIC — 25%, Keppel — 10%.
Keppel has also received the right to increase its share by 10% in the
coming three years.
Construction of the shipyard started on March 19th 2010, in the
presence of Azerbaijani President Ilham Aliyev.
The UK's Royal Haskoning and the Netherlands' TT companies are working
on the designs. There are preparations for construction on the
territory.
Pre-tender procedures have been carried out and a list of companies to
take part in the tender has been prepared. The shipyard is planned to
be launched in June 2013.
It will produce 25,000 tons of metal constructions annually. It will
produce four tankers with a deadweight of 15,000 tons and four tug
vessels annually. The main goal is construction of the necessary
vessels for the Caspian Sea.
