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OPEC Fund to finance construction of three ships for Turkmen fleet

Oil Materials 31 March 2022 17:48
Baku, Azerbaijan Trend News Agency
OPEC Fund to finance construction of three ships for Turkmen fleet

The OPEC Fund for International Development has signed a $45 million loan agreement with Turkmenistan to support the construction of three sea vessels for transporting railway cars, passengers and dry cargo, Trend reports via Business Turkmenistan news agency.

The new ships will be constructed at the Balkan shipyard, an integrated part of the seaport, which is an important component of the Europe-Caucasus-Asia transport corridor and one of the largest ports in Turkmenistan.

Once completed, the project is expected to raise annual freight transport capacity by one million tons and increase passenger numbers by 20,000 per year, and also reduce freight costs and cargo waiting time. The project will also provide technology transfer by training the shipyard's staff in shipbuilding and repair.

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