Azerbaijan, Baku, Oct.27 / Trend, E. Ismayilov /
By the end of this year, JSC "Garadagh Cement" will launch production of the first clinker in a new furnace built by upgrading the existing cement plant, Garadagh Cement, General Director
Raoul Waldburger said during a presentation held at the Azerbaijan-Swiss Business Forum in Baku on Thursday.
According to the upgrading plan, 4,000 tons of clinkers will be produced through the new furnace every day. After reconstruction, production will increase from 0.8 million to 1.2 million tons, while the cement production will go up from 1.2 million to 1.7 million tons per year.
The implementation of upgrading plan of the Garadagh cement plant worth 325 million euros will be completed by December. The European Bank for Reconstruction and Development and the Asian Development Bank has allocated a subordinated loan worth 140 million euros for this purpose.
The plant's upgrading plan includes the construction of a new furnace that will work on dry technology. It will replace four old furnaces. Dry production technology enables fuel saving and minimising the impact on the environment.
The company's current shareholders are five legal entities and 879 physical entities
The Holcim Ltd has 66 per cent and AIC 10 per cent of the charter fund of "Garadagh Cement" OJSC. Two other legal entities of the shareholders are the European Bank for Reconstruction and Development and Holcim Auslandbeteiligungs GmbH which have correspondingly 10 per cent and 3.61 per cent of the total number of shares of the company. The fifth legal entity from the shareholders is "Azer İnvest Kompani" LLC who has 0.43 per cent of the shares.
Garadagh Cement is the only clinker and cement manufacturer in Azerbaijan. The company provides the domestic market with high quality products that meet both local and international standards.
The official exchange rate is 0.7869 manat to $1 on Oct.27.