Azerbaijan, Baku / corr Trend I.Khalilova / On 27 August, a large delegation of South Koreans representing holding company STX will pay a visit to Baku, the Azerbaijani Government said.
Cooperation with STX is carried out in several directions. The company is cooperating with the Azerbaijani Ministry of Industry and Energy in offshore oil production and construction of a wind power station, and with the Azerbaijani Investment Company (AIC) on the construction of a ship-building plant.
Meetings held during the visit will be held at the Transport Ministry. Sadraddin Mammadov, the head of the Transport Policy and Economy Department of the Ministry, did not rule out the possibility of discussing with the Korean experts the directions of cooperation in the sphere of transport. The visit will end on 29 August.
The assessment of the project which will be held by the independent company will begin in the near future. Taking into consideration the experience of STX in this market, the holding will propose a company and the Azerbaijani Investment Company is to approve the candidature, Anar Akhundov, the Executive Manager of the Azerbaijani Investment Company, said.
The memorandum on the joint financing project was signed between the Azerbaijani Investment Company and STX in Seoul on 24 April 2007. The Korean holding will be the main shareholder and the Azerbaijani Investment Company plans to acquire 25% of the shares.
A ship-building facility will be complementary to the project on the construction of a new oil terminal and port in the Garadag region of Azerbaijan. Kazakhstan oil will be transported through this terminal via the Baku-Tbilisi-Ceyhan pipeline to Europe.
Kazakh tankers can be repaired at the ship-building plant in Azerbaijan like other vessels from the Caspian region. There are no other enterprises similar to this one in the country. Orders for the construction will be accepted within the country and without.