BAKU, Azerbaijan, May 21. ISFA LLC, a resident of the Yevlakh Pilot Agropark, managed by the Economic Zones Development Agency under the Ministry of Economy, and the Export Support Center of Russia's Dagestan signed a Memorandum of Cooperation, the agency told Trend.
The memorandum was signed by ISFA LLC Director Samir Kheirbekov and Head of the Export Support Center of Dagestan Ruslan Abaskuliyev.
According to the document, in the first stage, the LLC will plant an olive grove on an area of 100 hectares in the Derbent district of Dagestan in the autumn of this year.
A total of 165,000 seedlings grown in the Yevlakh Pilot Agropark will be used to plant the olive grove.
Besides, ISFA LLC will build an irrigation system for the said grove.
In the second stage, it's planned to build an olive oil refinery with a daily production capacity of 100 tons.
The total value of the document in question is close to seven million manat ($4 million).