Azerbaijan, Baku / corr. Trend I.Khalilova / Anar Akhundov, Azerbaijan Investment Company (AIC) Executive Director, reported on 9 April that the Company expects to receive a final report on 20-21 April from a consultant of the European Bank for Reconstruction and Development, Allied Investment Company, regarding the project to establish a petro-chemical complex in Azerbaijan.
"It is not excluded that should the AIC Supervisory Board have additional questions, the consultant may be required to provide further information. However, should there be no additional questions, the Board may make a decision for further activities in the creation of the complex," Akhundov said.
The final report will reflect positive and negative sides of the creation of the petro-chemical complex in Azerbaijan, the possible risks, dividends for the Government, as well as potential investors. The previous report on the second stage of the project which was presented to the member of the AIC Supervisory Board on 7 March covered the issues of approximate capacity of the plant, place of its location, logistics and impact of logistics factor on the prime cost.
The Allied Investment Company held a financial assessment of the project, but it may be corrected depending upon the investors participating in the construction of the petro-chemical complex.
The construction of the plant is to be carried out in three stages over the next 10 years. It will be possible to receive products from the first stage and in the second stage envisage expanding nomenclature of products and within the third stage, further expansion.
One of the location variants of the petro-chemical complex is Sumgayt City where chemical plants already exist. The preliminary cost of the project for the creation of the petrochemical complex in Azerbaijan has been estimated at $500 mln.