Azerbaijan, Baku, October 20 / Trend , E.Ismailov /
Hydroelectric power plants owned by Azerenergy JSC (national manufacturer and distributor of electricity in Azerbaijan) were not insured because of the high cost of these services, head of JSC Etibar Pirverdiyev said on Oct. 20.
"Our hydroelectric power plants were not insured, and there is an objective basis. Hydroelectric power plants cost very expensive, especially hydro-technical equipment cost expensive, and respectively by means of local insurance companies we can not insure them, so these risks can be transferred only to the reinsurance outside the country that we are unable to do today," said Pirverdiyev.
In this regard, he said that the best insurance policy is correct operation. In order to ensure the safety of hydroelectric power plants, the JSC constantly monitors using of special devices, and they are kept under control, said Pirverdiyev.
The only insurance company in Azerbaijan, which is currently engaged in insurance in the energy field, is Pasha Sigorta. The company is a local national insurance partner on development projects of Azeri-Chirag-Guneshli, Shah Deniz oil and gas fields, Baku-Tbilisi-Ceyhan pipeline.
Pasha Sigorta received certification in London for the strategic role of the local national insurance partner in July 2008.
Totally 28 insurance and one reinsurance companies function in Azerbaijan.
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