Lafarge Studies Reserves of Tovuz Field in Azerbaijan

Business Materials 27 February 2007 17:21 (UTC +04:00)

Azerbaijan, Baku / corr. Trend I.Khalilova / The French cement producer Lafarge is continuing studies of limestone fields in Azerbaijan, a Government source stated.

The first examination was held in Garadagh field in January and during the present visit, work is being carried out in Tovuz field. Lafarge will select the most optimal variant containing enough volume of raw material for cement production. The examination will be completed by March.

The AIC observation board is planning to make a resolution on the participation of this project.

AIC's stake will comprise 20% and the rest will be held by Lafarge.

The Government of Azerbaijan, AIC and Lafarge signed a trilateral Memorandum of Intention on investing in cement production in Azerbaijan. A second memorandum between the company and the Azerbaijani Ministry of Economic Development was concluded this week to confirm the Governments intentions. The Ministry of Economic Development will act as security to the project on construction of the cement plant. The project budget for the cement plant is $110-120 mln, with a capacity of 1-1.25mln tons.