Today.Az » Business » Aluminum producer to build plant in Ganja
23 May 2006 [10:41] - Today.Az
The aluminum producer Azerbaijan Aluminum JSC (Azeral) will build a new plant with the annual output capacity of 100,000 tons in the country's second largest city, Ganja, next year.
The activities as part of the project developed for the purpose have been tackled, the company told AssA-Irada.
The facility to be built on account of Azeral's funds will meet the highest standards and be supplied with up-to-date equipment.
Under the goal set forth by the JSC, the production in the Ganja area is to reach 450,000 tons this year and 500,000 tons in 2007.
The Azeri government early this year suspended its 25-year contract with major Dutch aluminum producer Fondel Metal Participations BV on the management of the aluminum company, saying it had failed to make the required investments. Azeral was further transferred to the state.
The chairman of the State Committee on Property Management, Karam Hasanov, earlier said Fondel was required to invest $202 million over more than three years.
"The report submitted by the company said only $48 million had been invested and this was on account of Azerbaijan Aluminum itself. Fondel thus failed to fulfill its obligations on investments. We therefore sent a notification to the company and suspended the investment contract."
Hasanov added that investments in the aluminum industry in 2006 are expected to exceed those made in previous years many times.