Azerbaijan, Baku /corr. Trend I.Khalilova / On 29 June, the Supervisory Board of Azerbaijan Investment Company JSC (AIC) will present the construction project of a new oil terminal and port in the Garadagh district of Azerbaijan. According to the information provided by the AIC, the meeting will be presided over by Minister of Economic Development Heydar Babayev.
American Nexand has already finished preparing its business plan for the project.
Babayev said earlier that the terminal will begin being constructed immediately after the completion of the presentation. "After approval by the Investment Company, we will appeal to the international financial institutions who are interested in participating in the project," the Minister said.
In the initial phase, the reservoir volume of this terminal will hold 200,000cu m with the possibility of increasing it to 600,000cu m, and with shipping capabilities of 25mln t a year by railway, 50mln t a year by sea, and 30mln t a year through its connection with the BTC pipeline. According to the initial assessments, the cost of the project totals $100mln.
Azerbaijan Investment Company will provide all kinds of support to the project's shareholders, "Kafgaztransservice" (founded by Azersun Holding), in attracting credit resources for the construction of the terminal. Talks are being held with the Islamic Development Bank, European Bank for Reconstruction and Development, and other financial institutions.
The Azerbaijan Investment Company will hold nearly 25% of participation shares in the project.