Barmek Azerbaycan eager to invest $150m in energy supply networks in 2006-2007

Oil&Gas Materials 8 December 2005 14:47 (UTC +04:00)

Barmek Azerbaycan, an operator of the energy supply networks of the Baku and Sumgayit, intends to invest $150m in the development of the energy networks in 2006-2007, Husseyn Arabul, the President of Barmek Azerbaycan, told Trend.

According to Arabul, the company intends to obtain a permission from the government for investing of such amount. “The funds will be invested I two instead of 10 as it was planned, under the contract we are committed to put around 70bn manats in the development of energy supply network. Now we are in talks with the Azerbaijani government to obtain a permission for increase of the figure,” he underlined.

Arabul noted that Barmek Azerbaycan intends to attract credits resources for investing. The investing will also be carried out at the expense of the company’s private funds.