First Caspian dockyard to be built in Baku

Azerbaijan Investment Company Deputy Executive Director Riyad Gasimov said the dockyard will be the first and unique in the Caspian region.

"Kazakhstan can also get its vessels repaired and serviced here," he noted.

He added that the economic and technical assessment of the construction of a new oil terminal and port in Garadagh (near Baku) will be completed next month. Azerbaijan Investment Company will finance 75% of the project.

Established in March 30, 2006 by a presidential decree, the 100% state-owned Azerbaijan Investment Company's authorized capital reached AZN 90mln. APA-Economics