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ASCO, Columbia Shipmanagement to Create Tanker JV

Baku-based Azerbaijan Caspian Shipping Company (ASCO) has reached an agreement to set up a new joint venture with Columbia Shipmanagement.

Under the memorandum of cooperation, the parties plan to further enhance bilateral cooperation through the JV.

Namely, the companies said they would create a solid basis for the exchange of experience on the operation of large tankers in international waters, training of seafarers and office staff of ASCO, and ensuring the participation of the shipping company in new foreign projects.

The parties reached an agreement to continue negotiations on the creation of the JV and the development of the necessary technical and economic documentation.