S.Korea STX says to build shipyard in Azerbaijan

South Korea's STX Group said on Friday it had agreed to build a $430 million shipyard in Azerbaijan with local partners.

STX said in a statement that the group would hold a 25 percent stake in the shipyard and Azeri state oil company Socar would own 65 percent, with the remainder to be held by an Azeri state investment firm. STX said the dockyard would be completed by 2011.

Source: http://www.reuters.com