STX in $430m Azerbaijani yard jv

Seoul: South Korea's STX Shipbuilding Co Friday said it and two companies in Azerbaijan have agreed to build a $430 million shipbuilding yard in the Caspian country.
Under an agreement, STX will have a 25% stake in the factory, while State Oil Company of Azerbaijan Republic, or SOCAR, will own 65%. Azerbaijan Investment Co. has the remaining 10%, the Korean builder said in a statement. Construction of the factory will be completed by the end of 2011, it said. [23/5/08]