Details added (first version posted on 16:44)
Baku, Azerbaijan, Oct. 30
By Maksim Tsurkov - Trend:
The Czech Republic's biggest builder PSJ will take part in construction of a city on artificial islands near the coast of the Caspian Sea in Azerbaijan, the Prague Post agency said Oct. 30 citing the Hospodarske noviny newspaper.
The PSJ is one of the largest construction companies in the Czech Republic.
Reportedly, the value of the contract, singed by the PSJ for its participation in the project called the Khazar Islands, stands at 395 million euros.
PSJ will build four residential buildings as part of the project, the report said.
The company will start building the first residential building in spring 2015.
"We have signed a contract for one entire island, on which four buildings should be built," Jaroslav Jirkovsky, the PSJ export division director told the Hospodarske noviny. "We are now trying to secure funding for the first one, which should cost about 100 million euros."
The new city will be located on the artificial island No41, about 25 kilometers south of Baku. The construction as part of the project has already started, and will be completed between 2020 and 2025.
The Khazar Islands (Caspian Islands) is a planned development of artificial islands 25 kilometers south of Baku, consisting of 41 islands extending 3,000 hectares over the Caspian Sea.
The islands will accommodate the tallest tower in the world with its height of 1,050 meters. The total price of Khazar Islands is expected to reach about $100 billion.
It was noted that the PSJ's contract in Azerbaijan is good opportunity for the company to minimize risks from contracts in Russia and Ukraine, which emerged as a result of tensions between the two countries.