Azerbaijani company to insure satellite project
Azerbaijan, Baku, June 16 / Trend U.Ismayilova /
The Azerbaijani Pasha Sigorta insurance company plans to act as a local insurer in the Azerspace national satellite project, Chairman Nofel Rzayev said. The launch date is June 2012.
"As the U.S. company Orbital Sciences Corporation will construct the satellite as the result of a tender, exceptions might be made to bring a local insurer into the project," he said.
Rzayev added that Pasha Sigorta is prepared to take part in the project should the Azerbaijani Communications and IT Ministry decide to bring a local insurance partner into the project.
The Azerbaijani Finance Ministry's State Insurance Supervision Service issued a license to insure space risks to Pasha Sigorta in March.
Pasha Sigorta is a member of the Pasha Holding. The company renders 30 types of insurance services to corporate and individual clients.
The Communications and IT Ministry signed a contract with the Orbital Sciences Corporation to produce Azerspace. The cost of the satellite will hit 163 million manat. Its construction will cost 87 million manat and 40 million manat will be spent to orbit the satellite. The satellite control center will cost 16 million manat, and another 18 million manat will be spent on the satellite's insurance. The term of the satellite will be 15 years, with a payback period of about five years.
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