President Ilham Aliyev's decree on 3 June established an industrial park in Garadagh.
Management of the new industrial park is entrusted to LLC Sumgait Chemical Industrial Park subordinated to the Ministry of Economy and Industry.
The Cabinet of Ministers is instructed to pass for permanent use by the LLC the land area of 72 hectares used by SOCAR and located on the 25th kilometer of the main road Baku-Astara.
The document notes that the industrial park is created "for the organization of a competitive shipbuilding and other branches of industrial production."
The government is to complete the task as instructed within three months and to prepare and submit to the President proposals to stimulate long-term development of the shipbuilding industry.
The Ministry of Economy and Industry, in turn, is asked to identify priority areas for the shipbuilding industry.
LLC Baku Shipyard was founded in 2010 with the participation of SOCAR (65% share) Singapore Keppel (25%) and JSC Azerbaijan Investment Company. The company was put into operation in 2013. The cost of the project is $ 470 million, $ 360 million of which was drawn as debt capital (corporate bonds).
The production capacity of the plant is 25 thousand tons of metal structures per year. The company can annually build four tankers with the carrying capacity of 15 thousand tons, or two tankers with carrying capacity of 70 thousand tons, and four vessels for installation of support bases, as well as repair 80-100 vessels for various purposes. ---08D
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