Azerbaijan, Baku /corr. Trend I.Khalilova / The Azerbaijan Investment Company JSC is continuing discussions with the American company Nexand with regards to the concluding amount of investments for the construction of a new oil terminal and port in the Garadagh district of Azerbaijan. "During discussions, an agreement was reached to increase the amount of the investment. The previous cost of the project was in the amount of AZN $90 mln and may be increased," Akhundov said.
According to a decision of the Supervisory Board of the AIC, $9 mln will be allocated to the company.
According to an 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.