Small shipyard in Liepaja intends to build tankers

RIGA - The Tosmare ship-repair facility, based in the Latvian port city of Liepaja and owned by Riga Shipyard, plans to begin the construction of a 73-meter-long tanker in late May.

Janis Stepitis, a spokesman for Baltijas Holdings, which holds a controlling stake in Riga Shipyard, said that Tosmare had received orders for construction of three tankers, and that the first of the vessels will be completed at the end of October. He would not disclose the name of the customer or the cost of the tanker.

In order to begin the construction of ships, the shipyard facility in Liepaja will be under renovation until late May.

So far 500,000 lats ($796,000) have already been invested on renovation at Tosmare.

Tosmare employs 300 people, but the number of workers will be increased to 600 before the tanker construction begins.

The plant will employ up to 1,000 people when it starts operating at full capacity.

Riga Shipyard has acquired 60 percent of Tosmare shares as a result of the privatization.