BAKU, Azerbaijan, May 3
By Fidan Babayeva - Trend:
The authorized capital of Azerblast LLC, the second subsidiary of Azerbaijan's AzerGold CJSC, is 4 million manat ($2.35 million), Trend reports citing the State Tax Service of Azerbaijan.
The company, which will specialize in the production of industrial explosives, was founded with the aim of meeting the domestic market demand for explosives for the mining and construction industries, eliminating dependence on their imports.
Rizvan Bakhshiyev is the director of Azerblast.
Some 51 percent of the total shares of the new subsidiary based on the public-private partnership model belong to AzerGold CJSC, and 49 percent - to DM Service LLC, the official partner of Orica-Nitro, one of the world leaders in the production of explosives and innovative systems, established in 2013.
The activities of AzerBlast LLC will contribute to the creation of permanent jobs within the framework of the State Program for the Socio-Economic Development of Regions for 2019-2023, the development of the non-oil sector, as well as the diversification of exports.