Azerbaijan, Baku, 29 April / Trend corr. E.Ismayilov / In May, the Korean company GS Engineering & Construction will complete the feasibility study of the project on construction of a new international marine trade port in Azerbaijan, Musa Panahov, Deputy Transport Minister of Azerbaijan, stated.
A tender will be announced after the feasibility study gets approved. Tender will be announced to define a contractor for construction of the new port.
The Finance Ministry of Azerbaijan has already appealed to the banks Societe General, BNP Paribas and Czech Eximbank with a request to develop proposals to finance construction of this new port, which will be located outside Baku but near the Alat settlement.
The cost of the port is $396mln, over $450mln taking into consideration the oil terminal. However, according to the latest data, cost of the first stage has increased from $225mln to $300mln.
About 80% is expected to be financed at the expenses of foreign borrowings.
A free economic zone is expected to set up in the territory of port in the future. In the first quarter of 2008, it is planned to hold the foundation ceremony of the port.
The first stage of port construction will be covered in 2008-2011, second - 2011-2013 and third - 2013-2015. Certain infrastructures- area for dry cargo ship, container terminal, big parks and others are expected to be created during every stage.
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