Azerbaijan Investment Company (AIC)'s joint venture with State Oil Company of Azerbaijan (SOCAR) has begun ground works for the construction of the Baku Caspian Shipyard, Ship-Technology reports .The joint venture includes AIC and Keppel Offshore, with SOCAR holding an equity stake of 65%, AIC 25% and Keppel 10%.
The first phase of the shipyard's construction is estimated to cost $405m, while the second phase will cost $60m and cover the production of four 15,000t tankers and support vessels.
Civil works and building yard preparation are underway, with Royal Haskoning and TTC conducting engineering services.
The project will be financed 30% by the shareholders and 70% by raised financing.
The first phase of the shipyard's construction is estimated to cost $405m, while the second phase will cost $60m and cover the production of four 15,000t tankers and support vessels.
Civil works and building yard preparation are underway, with Royal Haskoning and TTC conducting engineering services.
The project will be financed 30% by the shareholders and 70% by raised financing.