New Oil Terminal to be Constructed in Baku
Azerbaijan, Baku, 13 February /corr. Trend U.Ismaylova / A new oil terminal will be constructed within the project on construction of a new Baku International Marine Trade Port, Azerbaijan's Deputy Minister of Transport, Musa Panahov said.
Additional tasks have been offered to the Korean company GS Engineering & Construction, who is carrying out the new port project, with regards to deepening the canal of the new port for the entry of big vessels to be loaded at the oil terminal, Panahov said.
The port will be built in three stages with consideration to its development. Placing the first stone of the new international marine trade port is planned for the first half of 2008. The new port will be large and controlled taking into account the upgrade of IT technologies.
The first stage of construction of the port will be from 2008 to 2011, the second - from 2011 to 2013, the third - from 2013 to 2015. There are plans to establish certain infrastructure, as well an area for dry cargo ship and terminals.
The cost of the construction of a new international marine trade port in Azerbaijan fluctuates between $396mln and $450mln. However, according to the latest data, the cost of the first stage increased to nearly $300mln from the previous $225mln.
The government intends to carry out the project with its own funds, but possibly 80% of the project will be carried out through foreign borrowings. The Asian Bank of Development, European Bank of Reconstruction and Development and World Bank has already demonstrated an interest in financing the project.
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