TODAY.AZ / Business

Foreign companies take interests in Azeraluminium JSC

09 April 2005 [16:18] - TODAY.AZ
Different companies displaced interests in Azeraluminum JSC, Farhad Aliyev, Minister for Economic Development, told journalists on Friday.
The relevant investment proposals were submitted by the Chinese and European companies.

"They are eager to invest big investments in further development of Azeraluminium irrespective of its form of ownership. The investments are expected to sum up around $300m. It is also planned to implement projects on the construction of new power stations and increase the aluminum production to 180,000 tons at the expense of these funds," Minister underlined.

The issue whether to leave Azeraluminum under state disposal of privatize is currently processed. "More probably, it will be privatized, as the work is this direction is underway," the minister stressed. An investment competition will be announced in this respect.  

In accordance with the presidential decree from March 2001 Fondel Metal Participation B.V. undertook the management over the existing production for 25 years. In 2000 Azeraluminiy JSC was founded on the base of Zeylik Alunite Mine, Ganja Aluminum Plant and the Sumgayit Aluminum Plant.

Aluminum production will increase in Azerbaijan shortly. In 2004 the plant produced 30,000 tons of aluminum and approximately 300,000 tons of aluminum oxisi. Te last is highest indicator over the past 20-year production. Export last year comprised $100m. The audit of the enterprise is currently underway.

A new plant with the production of capacity of 50,000 tons of aluminum will be constructed in Ganja. Relevant talks with China and western countries are underway. In 2006 the okisi production will be increased to 450,000 tons.  This year we forecast to manufacture 400,000 tons.

He spoke about the pans of construction of a new plant with designed production capacity of 50,000 tons of aluminum. Appropriate talks with the Chinese and western companies continue.

In 2005 the company plans to receive ISO-9001 certificate and get membership at the World Aluminum Association based in London. At present it produces 25 MW/h energy, while it is planned to increase to 1400 KW/h a year.

URL: http://www.today.az/news/business/18978.html

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