Baku News

17 June 2008 - Day.Az - French Societe Generale will allot a credit in the amount of $140 mln for the project of construction of an oil and gas terminal in Sangachal, reported deputy chief executive of the Azerbaijan Investment Company Riad Qasimov. He said the credit will be alloted in two tranches -in the amount of $40 mln and $100 mln and the agreement on this issue is planned to be signed by September of this year. "The total cost of the project makes $175 mln with $36 mln assigned by AIC and Azersun Holding, implementing the project. AIC has already contributed its share in the amount of $9 mln", said Qasimov. He noted that the terminal construction will be held in three phases. The first phase envisions capacity of the terminal of 5 mln tons, the second 25 mln tons, the third 50 mln tons per year. "The second stage stipulates for construction of moorings, conclusion of a contract with oil suppliers, in particular, with Kazakhstan and Turkmenistan", said Qasimov.