More than half of Azerbaijani company’s investments falls to heavy industry
Azerbaijan, Baku, April 22 / Trend A. Akhundov /
About 56 percent of the Azerbaijan Investment Company's (AIC) investment portfolio falls to financing the projects in the field of heavy industry, the Ministry of Economic Development, which acts as the only founder of the company, told Trend on Saturday.
"About 19.5 percent of the company's investments fall to the agriculture, 8.5 percent - the logistics, 8.4 percent - mutual funds, 7.2 percent - the food industry," the ministry said.
The Azerbaijan Investment Company's assets increased by 4.5 million manat in 2011 and reached 174.8 million manat by late 2011. The profit hit 14.5 million manat.
A modern dairy factory was constructed in the Hovsan settlement in 2011. The enterprise started operating in a test mode. Moreover, a new furnace, based on dry production technology, was constructed at Garadagh Cement plant. Clinker is produced in a test mode.
The initial phase of the Sangachal-Garadagh oil and gas terminal project was realized in 2011. The Baku shipyard is being constructed upon the schedule. The AIC, State Oil Company of Azerbaijan (SOCAR) and Singapore's "Keppel Offshore & Marine" company are involved in the construction operations, the ministry said.
The operations are being held for the company to make investments in a number of projects, such as "Agstafa agricultural service", baby food packaging, recycling of used batteries.
AIC was established by the presidential order of the country from March 30, 2006.
The AIC authorized capital, formed to the amount of 90 million at the beginning of establishing the company, was increased to 160 million manat in early 2010.
The official exchange rate is 0,786 AZN/USD on April 22.