Holcim Studies Project on Construction of New Ovens in Garadagh Cement
Azerbaijan, Baku /corr. Trend S.Babayeva / The Swiss Company of Holcim Foundation observes the projects on the construction of new ovens in Garadagh Cement. Holcim privatized Garadagh Cement in 1999.
The Director General of Garadagh Cement, Horia Adrian, stated that the potential considerations to hold talks with Azerbaijan Investment Company JSC in regards to the financing of the project are being determined. In relation to Azerbaijan Investment Company JSC's obtaining the shares of Garadagh Cement, the Head of the Enterprise said that talks have not yet been held. "As of this moment, it is impossible to speak of the exact percentage of the shares," he emphasized.
Azerbaijan Investment Company plans to acquire 20% of the shares in Garadagh Cement. The agreement will be signed by the end of 2007.
The EBRD Board of Directors made a decision to acquire 20% of the shares for $10 mln in Garadagh Cement. The project aims to decrease the environmental impact. Cement plans to establish the production on the base of dry technology. The cross amount of the investments is estimated at $110-120 mln. The project aims to decrease the environmental impact.