$130,000,000 to be raised for Sangachal-Garadagh oil and gas terminal construction in Azerbaijan

Day.Az reports with reference to Riad Gasimov, chief executive of Azerbaijan Investment Company that the talks are held with Societe General, BNP Paribas, Commezbank and Yapi Credi, in particular. "We consider that the issue will be settled in the next few weeks", he said.

Gasimov announced that the overall cost of the project is estimated at more than $170,000,000, including $36,097,000 to be alloted by Azersun and AIC and the remaining $130,000,000 from credits of the banks.

The Sangachal-Garadagh Oil and Gas Terminal JSC has already been established for the terminal construction. "The construction of the terminal has already been launched and AIC has transferred the whole $9,000,000 of investments, it was to allocate. But a larger volume of works had been carried out by Azersun before our investments", Gasimov said.

He noted that the terminal is expected to be commissioned by the end of 2009. An initial volume of transshipment will depend on talks with Kazakhstan and Turkmenistan and projection will base on the result of talks.

"The project was designed for 5,000,000 cubic meters of gas but as this is an oil-and-gas terminal, it is currently difficult to specify the volumes of oil now. The terminal will be equipped with reservoirs for gas storage, which is envisioned by the concept of the project. However, their capacities have not yet been specified", Gasimov concluded.

/Day.Az/