Date of Presenting Report of Allied Investment Company to Supervisory Board of Azerbaijan Investment Company Fixed

Oil&Gas Materials 16 February 2007 12:19 (UTC +04:00)

The Consultant of the European Bank for Reconstruction and Development (EBRD), Allied Investment Company, plans to give a presentation of the second stage of the project on creation of a petrochemical complex in Azerbaijan for the members of the Supervisory Council of the Azerbaijan Investment Company JSC on February 23rd. The Executive Board of Azerbaijan Investment Company, Anar Akhundov, informed Trend that the report will reflect an analysis of the prospects of creating such a complex in Azerbaijan. The second stage envisages determination of the specialization of the products' nomenclatures, technological processes; which will be used for manufacturing these products, investors and salespeople.

According to Akhundov, after concrete definition and limitation of the investors, it will be possible to begin negotiations with them. The area for the creation of the new complex will be defined after determining strategic investors.

The initial cost of the project on the creation of a petrochemical complex in Azerbaijan is estimated at $500 mln. The final assessment will be made at the third phase of the project, which is intended to begin in March 2007. Allied Investment Company has assessed the efficiency of this production in Azerbaijan at the first stage of the project.