Azerbaijan to Construct New International Seaport in 2008-2009

Azerbaijan, Baku, 7 July / Trend corr E.Ismayilov/ "Construction of a new international trade seaport in Azerbaijan will commence at the end of this or at the beginning of next year," said Azerbaijan's Deputy Transport Minister Musa Panahov.

"Working projects and required technical task for construction of the new port will be developed by the end of this year," Panahov said. According to him, volume of cargo turnover at the first stage of implementation of the project in Alat settlement will comprise 6mln tons.

Construction of the port is rational from economic standpoint. Moving of the port to Alat, where large transport corridors are located, will improve efficiency of transportation. Simultaneously, their volume will increase. "Improvement of transportations will ensure rational operation of the port from economic standpoint. Once transportation volume improves, the time for implementation of the second and third stages of construction will be determined," Panahov said.

According to outline estimates, construction of the port is assessed at $396mln, and including an oil terminal - over $450mln. However, according to recent reports, the cost of the first stage increased to $300mln from previously planned $225mln.

The port will be constructed through three stages. The first stage will cover 2008-2011, the second - 2011-2013, the third - 2013-2015. Every stage will create defined infrastructure.

The Government plans to construct infrastructure through its own funds, but 80% of the work will be probably financed from outside. According to Ministry of Transport, currently JS Engineering & Construction and Ministry of Finance are discussing financial terms. Asian Development Bank, EBRD, World Bank, American banks an other are interested in financing the project.

The correspondent can be contacted at [email protected]

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