Financial Sources for Baku and Sumgayit Electricity Networks Determined
Azerbaijan, Baku /corr. Trend I.Khalilova / Mikail Jabbarov, the Deputy Minister of Economic Development of Azerbaijan and also Chairman of the Supervisory Council of Baku Electricity Network JSC and Sumgayt Electricity Network JSC, said that the companies define the amount of investment for 2007-2009.
According to Jabbarov, the investment program of the Networks mainly envisages constructing new substations, infrastructures, providing uninterrupted function of the Networks.
The own funds of the Networks, allocated by the Government, is the key financial source.
The investments for energy supply of Baku amount to $150mln. The measures are being taken in compliance with the Presidential decree dated 10 August 2006 on measures to increase effective activity of Baku Electricity Network JSC and Sumgayt Electricity Network JSC.
The Ministry of Economic Development of Azerbaijan cancelled the agreement on transfer of both Networks to Turkish Barmek Holding Company in August 2006.
The Company had begun managing Baku Electricity Network in January 2002 and Sumgayt Electricity Network in October 2002.