Azerbaijan's corporation, German company select auditor for future aluminum plant

Business Materials 24 November 2020 10:23 (UTC +04:00)
Azerbaijan's corporation, German company select auditor for future aluminum plant

BAKU, Azerbaijan, Nov. 24

By Fidan Babayeva – Trend:

The Azerbaijan Industrial Corporation OJSC, its subsidiary Azeraluminium LLC and the German company Achenbach Buschhutten, based on a preliminary agreement signed in Azerbaijan, are expanding aluminum production, diversifying the possibilities of selling the manufactured products and introducing the latest advanced production technologies, a source in the corporation told Trend.

According to the source, the companies have started to carry out certain works in this direction.

"Within the framework of the ongoing work, the preparation of a feasibility study meeting international standards ranks one of the main places," the source noted.

The source also pointed out that one of the main conditions for preparing a feasibility study for this project, which includes the most modern production processes, know-how, and the ability to produce a wide range of aluminum products in Azerbaijan, is that it’s presented in accordance with the requirements and criteria of international financial institutions and other institutions.

"The study includes not only the methods of building technological processes, financial prospects and efficiency, but also the study of market trends and requirements in the aluminum industry, identification of target segments such as the automotive industry, shipbuilding, alternative energy, research of market shares and strategies of competing companies, interviews with potential clients and other important aspects," said the source.

In order to prepare the feasibility study for a new aluminum plant, the construction of which is planned to be built on the basis of advanced technologies, a procurement procedure was carried out in accordance with the law ‘On public procurement’.

"Both local and world-leading companies are involved in this process, especially those belonging to the Big Four group. As a result of the assessment carried out among the participants, the audit company Deloitte & Touche LLC won the tender and signed an agreement with the institution," added the source.

According to the agreement between the Azerbaijan Industrial Corporation OJSC, the German company Achenbach Buschgutten and the auditing LLC Deloitte & Touche, work on the preparation of the feasibility study has already begun. In order to achieve the set goals in a timely manner, a work schedule was determined and a start was made to implement the plan.


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