Azerbaijan, Baku /corr. Trend I.Khalilova / The Supervisory Board of Azerbaijan Investment Company JSC decided to invest $9mln in the establishment of the 'Oil and Gas Terminal of Sangachal-Garadagh' JSC, a source at AIC stated. The decision was made on 29 June at a meeting of the Board after a presentation of a feasibility study on the establishment of the terminal.
According to the agreement signed between AIC and "Kafgaztransservice" (founded by Azersun Holding), the company will hold nearly 25% of shares in the authorized capital of 'Oil and Gas Terminal of Sangachal-Garadagh' JSC.
The project aims to construct a new oil terminal and port in the Garadagh district of Azerbaijan to receive raw oil from Kazakhstan and Turkmenistan for further transportation to terminals in the Black Sea and Port of Ceyhan via the Baku-Tbilisi-Ceyhan pipeline.
In the initial phase, the capacity of the terminal will hold 12mln tons (10mln tons of oil and 2mln tons of condensate) with the possibility of increasing to 40mln tons. The cost of the project totals $90mln.