Azerbaijan Economic Development Minister: Azerbaijan Negotiates with Greek Companies to Found a Ship-Owner Company

Politics Materials 2 February 2007 21:24 (UTC +04:00)

Representatives of the Azerbaijan Economic Development Ministry are expected to hold negotiations with a Greek company with the object to take part in the project on the foundation of a ship-owner company in Azerbaijan. The Azerbaijani party is expected to negotiate on this issue in the Greek City of Saloniki the next week, Trend reports.

Heydar Babayev, Azerbaijan's Economic Development Minister, has aid today that Azerbaijan has already completed negotiations with one Greek company, and is going to launch it with another Greek one. The sitting of the Board of the Black Sea Bank for Trade and Development will be held in Saloniki on February 4-5, 2007. Mikayil Jabbarov, the Deputy Azerbaijan's Economic Development Minister will represent Azerbaijan in this meeting. Negotiations are expected to be held within this visit as well.

Taking into consideration that the Greek companies are the World's most leading ones in this field, we are negotiating just with the. Our aim is to obtain maximally advantageous conditions. We are also holding negotiations with those companies which are rendering services on transportation oil by sea. SOCAR and other oil companies have been involved in this issue as well. As soon as all issues are solved, the company will be founded, and we would not like to protract it, noted the Minister.

According to him, the distinctness is currently available only on the efficiency of the implementation of the above-mentioned project. Issues connected with the infrastructure will be viewed at the last stage. It will be tankers which will carry out sea shipping in the Mediterranean Sea. It is not necessary to buy such vessels; there are companies which offer their ones. The issue will be solved at the last stage, since it is unknown yet which volumes will be operated the new company with, said Mr. Babayev.

According to the preliminarily estimations, the foundation of the new ship-owner company require some $100 mln. The Azerbaijani Investment Company (AIC) will participate in their foundation as well.

The idea on the foundation of the company is come into the world due to the increase in the oil production volumes. Therefore, the state is expected to increase its revenues gaining from the oil transit through rendering additional services. First of all, the company to be founded will be engaged in shipping Azerbaijani oil from the Ports of Batumi, Supsa, and Ceyhan to both countries of the Black and Mediterranean Seas, as well as those of Western Europe.