Targol asks to extend terms for Azerboru JSC investment program implementation
The British Targol Investment, which privatized the Azerboru Joint Stock Company (JSC), the Sumgayit tube-rolling mill, holds negotiations with the government of Azerbaijan on extending its commitments terms. The period for the three-year investment program fulfillment expires in February 2006, however, the company has not implemented its entire investment plan, the government told Trend.
During the three-year activities Targol invested some $12 million to the pipe-rolling mill, however, it committed itself to invest $50 million.
In case of achieving the accord with the government, making a new contract is expected. The investor plans to increase the investments volumes due to the plans on establishing the steel complex at Azerboru. The major reason for non-performance of its commitments in time the company explains by delays in implementation of this project. Taking it into consideration, Targol requests the additional two-year term from the government which is needed for the steel production and its launching.