SOCAR, in a joint venture (JV) with Keppel Offshore and Marine and Azerbaijan Investment Company, is planning to invest $450m to build a shipyard in Baku, Azerbaijan, by 2013.

SOCAR previously formed a JV for the project with Keppel and Azerbaijan Investment Company, with SOCAR holding a 65% share, Azerbaijan Investment Company holding 25% stake and Keppel holding the remaining stake.

The shipyard will mainly build vessels for Azerbaijan, which will be used by the Caspian Sea Flotilla, Caspian Shipping Company, and military and border guard services.

It will also build large-capacity Caspian Max tankers capable of transporting 60-70t of cargo, which will be used to transport oil from Kashagan oil field from 2017.

Baku shipyard will be capable of building four tankers of 15,000dwt or two tankers with 70,000dwt and four ships for maritime security, as well as repairing 80-100 further ships.