Azerbaijan achieves cut in expenses first satellite insurance
Azerbaijan, Baku, Dec. 23 / Trend H.Veliyev /
The amount of insurance on the first satellite of Azerbaijan does not exceed 8 percent of the total cost of the project, Azerkosmos Chairman Rashad Nabiyev said at a Board's meeting dedicated to the discussion of the country's satellite program on Friday.
"If previously the expenses for insurance services were determined on the level of 12-15 percent of the total cost of the project, the discount rate was brought down by 8 percent after the negotiations," he said.
According to Nabiyev, tender for the insurer's selection will be most likely held in February-March 2012.
"Azerbaijan succeeded to include the insurance expenses in the credit agreement signed with Arianspace (the amount of $93.8 million) during the negotiations," he said. "In this regard, Azerbaijan does not pay subsidiary expenses from the public budget."
Nabiyev noted means which Azerbaijan is committed to pay to the manufacturer's satellite and manufacturer's rocket carrier are fully repaid.
The satellite and rocket carrier are constructed in accordance with the schedule.
The Canadian company on technical monitoring Telesat, which was selected as Azerbaijan's consultant on production and launching, is controlling all producing process on Azerspace's satellite.
As for the rocket carrier, Azerbaijan has held 7 meetings with the manufacturer which is the French Arianspace since the contract's signing. The rocket carrier is constructed in accordance with the schedule.