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Preliminary Cost of Project for Creation of Petrochemical Complex in Azerbaijan Confirmed

Business Materials 7 December 2006 16:06 (UTC +04:00)

The preliminary cost of the project for the creation of the petrochemical complex in Azerbaijan has been estimated at $500 mln. Presently work is being carried to confirm the final cost of the project, the Deputy Executive Director of Azerbaijan Investment Company, Riyad Gasimov, stated, Trend reports. According to him, participation of the Company will depend upon the number of participants. However, Riyad Gasimov is not in a position to purchase a large share.

The Consultant of the European Bank for Reconstruction and Development, Allied Investment Company, within its second stage of the project, is holding a presentation for potential investors. I think that this will be carried out next year. Depending upon the interest, it is a large enough project, and the number of the stocks will be big enough, Gasimov said. Although creating such a production in Azerbaijan has been initiated by the American investors during the visit of the Azerbaijani President to the USA, Azerbaijan Investment Company plans to consider all opportunities because it is a very specific market and a number of large operations are carried out there. It is intended to prepare the feasibility study for the project, work out in detail the project and hold initial negotiations with the potential investors.

In the first stage, Allied Investment Company held the assessment of the efficiency of this production in Azerbaijan.

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