SINGAPORE, March 19 (Reuters) - Singapore's Keppel Corp , the world's largest builder of offshore oil rigs, will jointly build and operate a shipbuilding and repair yard in Azerbaijan, the firm said on Friday.
Keppel will develop the shipyard in Baku together with state oil firm SOCAR and the Azerbaijan Investment Company (AIC) over the next two to three years, with investment of $386 million.
Keppel has a 10 percent stake in the venture, versus 65 percent for SOCAR and 25 percent for AIC, and an option to acquire another 10 percent in the next three years. Keppel will operate the yard, which will make tankers and support vessels and help renew SOCAR's fleet.
The Caucasus state, a supplier of oil and gas to Europe, the Americas and Asia, raised its oil production more than fivefold in the last decade. It expects to produce 1.1 million barrels per day of crude oil in 2010.
(Reporting by Neil Chatterjee, editing by Will Waterman) Keywords: KEPPEL AZERBAIJAN/ (neil.chatterjee@thomsonreuters.com; +65 9105 5230) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Keppel will develop the shipyard in Baku together with state oil firm SOCAR and the Azerbaijan Investment Company (AIC) over the next two to three years, with investment of $386 million.
Keppel has a 10 percent stake in the venture, versus 65 percent for SOCAR and 25 percent for AIC, and an option to acquire another 10 percent in the next three years. Keppel will operate the yard, which will make tankers and support vessels and help renew SOCAR's fleet.
The Caucasus state, a supplier of oil and gas to Europe, the Americas and Asia, raised its oil production more than fivefold in the last decade. It expects to produce 1.1 million barrels per day of crude oil in 2010.
(Reporting by Neil Chatterjee, editing by Will Waterman) Keywords: KEPPEL AZERBAIJAN/ (neil.chatterjee@thomsonreuters.com; +65 9105 5230) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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