Asnaf Considers Feasibility Study of Construction of Cold-Storage Warehouses in Azerbaijan

Azerbaijan, Baku, 10 June / corr. Trend I. Khalilova/ The Azerbaijani Investment Company (AIC) OJSC has proposed Asnaf Industrial Company limited to develop the extended version of the feasibility study of the project on the construction of storage for dry cargo and cold-storage warehouses, Riyad Gasimov, the deputy executive director of AIC said to Trend .

An operating company is expected to be founded for the construction and management of the warehouses once the feasibility study is corrected. The maximum share of the investment company in the project makes up 25%.

The storage for dry cargo and cold-storage warehouses are expected to be built near the Worker's Avenue of the Baku city. According to the initial version of the feasibility study, the storages will cover 3,000 cu m of area. The cost of the project is not divulged yet due to the absence of the final version of the feasibility study, but the construction of storage warehouses usually cost $100mln to $300-$400mln depending on their equipment.

The international financial institutes - Islamic companies and Caspian International Investment Company, established by AIC together with the Islamic Corporation are interested in the project. The International Financial Corporation (IFC) and Kuwait Financial House are also interested in the project.

The storages will be mainly used by the producers and those carrying out export and import operations. Similar warehouses are expected to be constructed in the regions of the country for the storage of only agricultural products.

On 29 June 2007, AIC signed memorandum of understanding on corporation in the construction of the storage for dry cargo and cold-storage warehouses with Asnaf Industrial Company.

The correspondent can be contacted at: [email protected]

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