Baku Shipyard to build submarine

/By Azernews/

By Amina Nazarli

Baku Shipyard, the most modern shipbuilding and ship-repair facility in the Caspian Sea, has received an order worth $ 40 million to build a submarine.

This was announced by Economy Minister Shahin Mustafayev at the board meeting of the Ministry.

Reminding that Baku Shipyard is one of the major shareholders of Azerbaijan Investment Company, the minister said it uses advanced technology meeting the latest standards. Currently, the plant is engaged in building of submarine and three passenger ships.

"Until now, Azerbaijan Investment Company has been involved in projects in the field of production of building materials, shipbuilding, production and processing of agricultural products, logistics and other fields, a total value of which is $1.1 billion,” he said

Founded in 2011 by Azerbaijan’s oil company SOCAR owning 65 percent of its shares, Azerbaijan Investment Company owning 25 percent and Keppel Offshore Marine holding 10 percent, Baku Shipyard is strengthening the economic and industrial potential of Azerbaijan.

Baku Shipyard is capable of constructing various vessels ranging from offshore support vessels, general cargo vessels, tug boats, crane vessels, specialized vessels and passengers vessels to tankers.

The yard has a capacity to produce 25,000 tons throughput per annum of steel works for new buildings and able to undertake 80 -100 vessels repairs and conversion of various types.