Within the 1st quarter of 2007, Azerbaijan Investment Company JSC will take certain decisions on creating Ship-Owner Company in Azerbaijan, which will be involved in the transportation of the oil cargos. The Executive Director of the AIC, Anar Akhundov, exclusively informed Trend that according to the initial assessments, $100 mln is required for creating such a company.
This capital is planned to be formed at the expense of the stock participation and involvement of the credits.
Presently the Company is holding negotiations with the foreign companies which have experience in operating such companies.
Akhundov does not exclude the possibility of attracting the local investors.
Akhundov said that participation share of the AIC in this project is expected at the level of 20-30%. The idea of creating the Company emerged due to the increasing volume of the oil production, and in relation with that, it is planned to increase the revenues of the State from the transit of oil through providing additional services.
Firstly the Company will deliver the Azerbaijani oil from ports of Batumi, Supsa and Ceyhan to the countries of Black Sea and Mediterranean Sea, as well as to the countries of Western Europe.