Kazakhstan and South Korea sign an MoU to construct a Caspian shipyard

STX Offshore & Shipbuilding Co., Ltd. of South Korea will help Kazakhstan to construct a shipyard at the Caspian Sea and overhaul a shipyard, Newskaz.ru reports, citing the Press Service of Kazakhstan Engineering National Company. On the sidelines of the KADEX-2012 international weaponry exhibition in Astana Kazakhstan Engineering and STX Offshore & Shipbuilding Co., Ltd. signed an MoU. The sides intend to consider joint projects such as construction of a shipyard at the Caspian Sea shore and modernization of one of the current shipyards, involving transfer of South Korea’s shipbuilding technology. A special working group is to be launched to work out recommendations on possible projects. Kazakhstan Engineering [fully owned by Samruk Kazyna Sovereign Wealth Fund] is a holding company comprising 25 defense industry facilities. Since April 2010 the Company has been managed by the Defense Ministry. STX Offshore & Shipbuilding Co., Ltd. engages in the shipbuilding and ship repair business. It designs and builds product tankers, container ships, gas carriers, bulk carriers, LNG carriers, ultra large-sized container ships, VLCCs, VLOCs, cruise ships and ferries, and offshore plants. STX Offshore & Shipbuilding Co., Ltd. was founded in 1967 and is based in Jinhae, South Korea.