Azerbaijani Investing Company and STX Shipbuilding Co. sign memorandum

On April, 24 Azerbaijani Investing Company and STX Shipbuilding Co. signed the memorandum of understanding confirming the plans to build a shipyard to construct and repair tankers in Garadaga (the region of Baku). According to Riad Gasymov, the assistant to the chief executive of Azerbaijani Investing Company, the investments and the building period will be announced in June-July of this year when the technical and economical basis is ready. It is planned that the share of STX will total 75%, the share of Azerbaijain Investing Company - 25%. At the present time Azerbaijan has 3 shipyards. The Azerbaijan fleet totals 43 tankers, including 8 tankers delivered from the Russian shipyard Krasnoe Sormovo.