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INVESTMENT PROGRAM OF BARMEK AZERBAIJAN FOR 2005-2007 APPROVED

Oil&Gas Materials 10 October 2005 18:34

The Ministry of Economic Development approved the investment program of Barmek Azerbaijan, the operator of the energy distribution networks of Baku and Sumgayit, Omar Guner, the Vice-President of the Company, told
Trend.

According to Guner, the program covers the current state of the electric networks, their development ways, the volume of the envisaged works and investments.

Barmek Azerbaijan intends to put in the development of electric networks of Baku and Sumgayit more than it was envisaged in the contract concluded with the Azerbaijani government. Barmek Azerbaijan is due to put 50.2bn manats or $10.7m in development of the networks under the contract, but 58bn manats was spent over 7 months. The figure will increase due to implementation of some projects within preparations to winter season.

The volume of the investment is supposed to comprise around 90 bn manats (over $20) or 30-40bn manats more than it was indicated in the contract.

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