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Barmek investments appraiser defined

Oil&Gas Materials 27 July 2006 13:45 (UTC +04:00)

The company to appraise Barmeks investment amount has already been defined but its name will be disclosed upon signing the contract, Trend reports quoting Mikail Jabbarov, deputy Minister of Economic Development.

Jabbarov said the agreement on transferring custody on Bakielekrikshebeke and Sumgayitekrikshebeke contained an article allowing inviting independent appraiser for investments evaluation.

Only a world-class company may become such an appraiser. There are only four companies of the kind in the world: PWC, KPMG, Deloitte and Ernst&Young. One of these comapnies has been attracted to perform such operations.

Jabbarov added such an independent estimation is needed as commission raised the question on investment amount matching the operations performed. Investment expenses were overestimated and did not match the operations.

Barmek is almost agreeing with appraiser involving, but this job shall be done in any case, said Jabbarov. According to the contract, Barmek shall compensate the appraisers work.

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