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Azerbaijan Government to get feasibility study of shipbuilding plant in October

12 September 2008 15:11 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Korean STX Group will present the feasibility study of the proposed shipbuilding plant project to the Government of Azerbaijan in early October, said Anar Akhundov, CEO of Azerbaijan Investment Company.
He added that represenatives of Germanyâ€™s Marine Service consulting firm and STX Group will travel to Azerbaijan next week.
â€œThe project shareholders and the consulting firm will have discussion. Marine Service is completing the analysis of the feasibility study and I think the document will be submitted in October,â€ he added.
A general agreement to distribute the cost shares among the project shareholders will be signed in September-October,â€ he added.
The cost of the project will be known after the feasibility study is complete.
Korean STX Group announced earlier that it had agreed to hold a 25 per cent stake in the shipyard and Azeri state oil company (SOCAR) would own 65 per cent, with the remainder to be held by AIC.
STX said it would be wholly responsible for the operation of the shipyard to be built by 2011.