Azerbaijan, Baku /corr. Trend I.Khalilova / This week the US Nexant Company will present to the Azerbaijan Investment Company JSC the concluding report on the amount investments for the construction of a new oil terminal and port in the Garadagh district of Azerbaijan, AIC Executive Director, Anar Akhundov said. The previous cost of the project was in the amount of AZN $90 mln. Due to it, the Company should base the reasons for the increase in amount of the project.
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.