Due to the problems with the electrical power the Targol Investment company, which has privatized the Azerboru Joint Stock Company (JSC) ( the Sumgayit tube-rolling mill) could not realize the plans in 2005 on setting up the steel complex. For the production operation 86 MWt electrical power is needed annually, the Azerboru director general Azim Azimov told Trend.
However, as Azimov noted, due to the start-up of the construction of the Sumgayit electrical power station of 506 MWt capacity, it will be possible to commence also the steel production at the tube-rolling mill during two years. Besides, the investors plans involve also installing of the furnace enabling the annual production of up to 500,000-1 million tons of steel.
In this regard, the volume of investments, required for establishing such steel production will increase, and not $50 million, which had been proposed by the investor earlier both for the mills reconstruction on the whole and steel production. Investments have been made for expanding the tube production and rehabilitation of the support equipment so far.