Baku News

RBC, 24.09.2007, Moscow 15:58:48.Some $1bn is planned to go towards the construction of a 700MW private electric power station in Azerbaijan. A corresponding agreement was signed by the South Korean company Kepko & Moet and Azerbaijan's Economy Ministry in Baku today, the Azeri news agency Trend reported. Construction is projected to start in a Baku suburb by July 2008. According to the statement, such power stations will enable Azerbaijan to create competition on the electricity market and lower tariffs.