Grain Terminal in Baku Scheduled for Operation by Mid-December

Business Materials 1 December 2006 13:21 (UTC +04:00)

The grain terminal in Baku will be completed and schedule for operation by the middle of December, the Ambassador of Kazakhstan to Azerbaijan, Andar Shukpuov, stated on 30 November at the meeting of the Caspian Integration and Business Club, Trendreports.

According to him, the terminal will have regional status. The annual turnover of the terminal will equal 500,000 tons of grain. Next year it is intended to construct a flour mill in this territory, the Ambassador said. As the representatives of the Azerbaijani Ministry of Agriculture stated earlier, once the grain terminal in Azerbaijan has been constructed, it will be necessary to create a grain reserve fund. The decision to build a grain terminal in the Hovsan settlement was made by the Azerbaijani-Kazakhstan Intergovernmental Commission.

Baku Terminal Joint Venture has been created for the construction of the grain terminal, with the participation of the Kazakh Prodcorparation JSC. Financing is carried out on an equal basis (50%each) and nearly $6 mln is required for its construction.