Azerbaijan to Confirm Investors for Construction of New Oil Terminal
Azerbaijan, Baku / corr. Trend I.Khalilova / The Azerbaijan Investment Company (AIC) is presently in talks with investors to attract them to a project to construct a new terminal and port in the Karadag district of Azerbaijan.
Anar Akhundov, the Executive Director of AIC, said that once an estimate of the project has been completed, various investors will be confirmed. "We are interested in involving a maximum number of investors who will be attracted to profitable and effective terms", he added.
AIC contracted the US company Nexand to provide an estimation of the project. Akhundov stated that Nexand would finalise estimation of the project, its prospects and efficiency in May.
Earlier, AIC signed a Protocol of Intention with Kavkaztransservis. In accordance, with the contract, AIC will prepare a large detailed business plan. The construction of the terminal and port is estimated at $90mln. AIC is expected to hold a 20-25% stake in this project.