OREANDA-NEWS. January 05, 2010. A state-of-the-art shipyard to be built in Azerbaijan would boost the shipbuilding industry in the country, head of State Maritime Administration Gudrat Gurbanov said.

The shipyard will be located near the Heydar Aliyev Baku Deepwater Jackets Factory. The construction, estimated to cost between 300 and 350 million US dollars, is scheduled to complete in 3 years.

Gurbanov said the facility will also boost Azerbaijan`s export potential and “our capabilities as a transit country”.

“The project will also be a tremendous boost to Azerbaijan`s economy,” he added.

A relevant Memorandum of Understanding was signed in Baku last November by Azerbaijan`s State Oil Company (SOCAR), Azerbaijan Investment Company (AIC) and Singaporean Keppel Offshore & Marine, one of the largest offshore and marine groups in the world.

Under the Memorandum, 70% of the shares in the facility belong to SOCAR and the rest 30% to the Azerbaijan Investment Company, while Keppel Offshore & Marine can further acquire a 10-percent stake in the business.