Baku Shipyard signs contracts to build 14 new vessels

Baku Shipyard LLC, a resident of the Garadagh Industrial Park managed by the Economic Zones Development Agency under the Economy Ministry of Azerbaijan, has signed contracts for the construction of 14 vessels, said Elkhan Shiriyev, Deputy Head of the Industry Department of the Ministry of Economy, during today's session of the Parliamentary Committee on Economic Policy, Industry, and Entrepreneurship, Report informs.

He noted that the total investment volume of Baku Shipyard stands at $498 million. "So far, the shipyard has completed the construction of 12 vessels, with a total order value of $628 million. Additionally, over 200 vessels - belonging to both Azerbaijan and other Caspian Sea countries - have been repaired," Shiriyev said.

He added that construction of the newly contracted 14 ships will begin in phases. Of these, 11 have been ordered by the Azerbaijan Caspian Shipping Company (ASCO), one by the State Oil Company of Azerbaijan (SOCAR), one by the Baku International Sea Trade Port, and one by the Ministry of Emergency Situations.

The total value of the signed contracts amounts to $292 million.

Shiriyev also mentioned ongoing negotiations for further shipbuilding projects, including two dry cargo ships for ASCO, one patrol ship for the State Border Service, two container ships for Abu Dhabi Ports Company (UAE), five tankers for Russia's United Shipbuilding Corporation, and two dry cargo vessels for the company Cristal.

Currently, the shipyard employs around 1,400 people, including subcontractors. As the projects advance, employment is expected to rise to approximately 2,200.