Big Azerbaijani company suspends plant construction project in Russia
Baku, Azerbaijan, Jan. 11
By Huseyn Valiyev – Trend:
Azerbaijan’s ATEF Group of Companies has suspended the plant construction project in the Astrakhan free economic zone, deputy chairman of board of the ATEF Group of Companies Nadir Karimov told Trend on Jan. 11.
“The work in this direction will start as soon as the issues related to financing are resolved,” he said.
"A place was allocated to build a plant in the free economic zone and we decided to take advantage of it,” Karimov said. “According to our calculations, the amount of financing for building the plant is not very huge, but at the same time, it is not small for this kind of plant.”
“The matter rests in the availability of free funds for the company to cope with construction at its own expense,” he said. “As for the production capacity that is envisaged to be deployed in the free economic zone, the matter rests in the entire existing product mix, except for concrete."
“The products that ATEF intends to produce in the future in the Astrakhan free economic zone are first of all planned to be supplied to the Russian market, under the Russian brand, manufactured in Russia,” he said.
"In the future, it will simplify the access to the markets of the Customs Union’s member-states," Karimov added.
“As for the export of ATEF products to the far-abroad markets, today the products are supplied to more countries. Presently, the company exports its products to the Baltic countries, Hungary, the Czech Republic, Slovenia, Iraq, Malaysia, etc.,” he said.
ATEF was established in 1997 on the basis of the privatized and reconstructed Baku Transformer Plant. Presently, ATEF consists of five big plants for the production of electrical equipment, as well as various wires and building structures in Azerbaijan.
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