Eni Plan for $288 Million Caspian Shipyard Gains Kazakh Approval

Eni SpA (ENI), a partner in Kazakhstan’s biggest oilfield, and state-owned KazMunaiGaz National Co. won government approval to build a 43 billion-tenge ($288 million) shipyard on the Caspian Sea.

The shipyard will be able to maintain as many as 70 ships a year and build new vessels with deadweight capacity of as much as 15,000 metric tons, Astana-based KazMunaiGaz said today in an e-mailed statement, after the partners’ feasibility study was approved. The shipyard construction in Kuryk on the Kazakh shore of the Caspian Sea is part of the state’s industrial program through 2014, the state oil producer said.

Eni will help to arrange financing of the project, said KazMunaiGaz, which is a partner with Eni in the Kashagan oilfield. The company didn’t say when construction of the shipyard will start and what share of the venture will belong to the Italian oil producer.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: Steve Voss at sev@bloomberg.net

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