Keppel Corp.’s (BN4.SG) construction of US$386 million ($539 million) shipyard in Azerbaijan considered strategic move, although facility won’t have impact on earnings in near term, analysts say, reported Dow Jones Newswires.
Keppel is teaming up with State Oil Company of Azerbaijan Republic (SOCAR), as well as Azerbaijan Investment Company (AIC) to build, manage facility over 2-3 years, with Keppel taking 10% stake in yard, has option to increase to 20% in next 3 years.