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Groundbreaking ceremony of the Shipbuilding Plant held in Baku

19 March 2010 12:30 (UTC +04:00)

The head of the state was informed that it would be possible to prepare 25 000 tons of metal constructions, construct 4 tankers-shipment in capacity of 15 000 tons and 4 towing equipment ships, repair of different kinds of 80-100 ships at the only plant in the Caspian Sea.

Last year Memorandum of Understanding was signed on construction and exploitation of the plant between the State Oil Company of Azerbaijan Republic (SOCAR), Azerbaijan Investment Company and Singaporeâ€™s â€œKeppel Offshore & Marineâ€ Company. SOCAR has 65 per cent of share, AIC 25 and â€œKeppel Offshore & Marineâ€ 10 in the project. According to preliminary calculation, the project cost will be comprised by $300-350 million. The construction of the plant is going to be commissioned within 2.5 - 3 years. At first period 1000 people, then, after 3-5 years 1700-2000 people will work at the institution.

President Ilham Aliyev familiarized himself with the project and model of the plant. Delivering speech at the ceremony, the head of state noted the special significance of such modern plant - first in the Caspian Sea and added that it would contribute to the construction and maintenance of new and existing ships of the Azerbaijani Marine.

Singaporean Foreign Minister George Yong-Boon YEO also made a speech at the ceremony.