Azerbaijan Investment Company to finance three new projects

The Deputy Chief Executive Officer Riad Gasimov told APA-Economics that the first project is participation with Kavkaztransservis in construction of oil terminal and port in Garadagh. The economic and technical assessment of the project will be ready in May and the AIC intends to take a 25% stake in the terminal. The project is scheduled to be commissioned in 2008.

The second project is participation with Azersun Holding in construction a salt refinery in Baku to refine and export salt from Azerbaijan.

The AIC also plans to take part in construction of a cement producing plant with Lafrage. The plant will probably be located in Gazakh or Tovuz or Shamkir.

On March 30, the board meeting of Azerbaijan Investment Company passed a decision to invest $5.375mln for a 20% equity stake in Milk-Pro LLC, a dairy products and juices maker.

The total amount of the equity investment project is $11mln, of which the rest will be provided by the European Bank for Reconstruction and Development.

The project is also aimed at expanding the capacity of Goychay Milk Factory and constructing a milk plant in Hovsan.
The AIC and Milk-Pro LLC signed a memorandum of understanding in December 14, 2006.

The 100%-state-owned Azerbaijan Investment Company was established in March, 2006. Its authorized capital is AZN 90mln.