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
Economics
-
Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
-
Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
-
Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
-
The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
Leave a review