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, 65% of the shares in the facility belong to SOCAR, 25% to AIC and 10% to Keppel Offshore & Marine. The President viewed a model of the facility which will repair nearly 100 ships per year.
The construction, estimated to cost between 300 and 350 million US dollars, is scheduled to complete in 3 years. The facility is estimated to create up to 2,000 jobs.
The President spoke to the groundbreaking ceremony, saying the facility, the only one of its kind in the Caspian region, would make crucial contribution to boosting shipbuilding industry in Azerbaijan. Singapore`s Foreign Minister George Yong-Boon Yeo delivered remarks at the ceremony.
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