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Flour Company to operate as advisor on licensing in construction of new oil-chemistry complex in Azerbaijan

31 May 2012 14:35 (UTC +04:00)

According to him, 27 of 40 production processes require licence in the complex. Contract will be signed with the Company recently and the company will conduct relevant works during near 6-8 months. Generally, 3 tenders will be held within the project and 2 of them have already been announced. So, after selection of chief financial adviser and chief law adviser, chief ecological adviser will be selected.

Gahramanov stressed that, the project was optimized by SOCAR and worth of the project has risen to $ 14.2 bln from $12-13 bln. Besides, the worth of the project including interest payments makes $ 17 bln. 30-40% of required investment will be paid by Azerbaijan, 60-70% - by external funds.

Gahramanov noted that, SOCAR and SOFAZ met with European banks such as Â«BNP ParibasÂ», Â«Societe GeneraleÂ», Â«UniCreditÂ», Â«Credit AgricoleÂ», Â«INGÂ», Â«RBSÂ» and Â«TDJÂ». According to him, these organizations interest in this project.