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Azerbaijan to commence construction of a new seaport next year

25 September 2007 14:03 (UTC +04:00)

He added that work in under way on removal of Baku International Trade Seaport to Alat.
â€œWe are negotiating with South Koreaâ€™s GS Engineering & Construction on the project. We have decided on the future site of the seaport. The feasibility study on the project will be complete by this year-end,â€ he added.
The ministry officer Sadraddin Mammadov added that completion of Phase 1 of the sea port construction project in 2010 will help cargo handling in the country. He added that a workgroup will soon be sent to the construction site for monitoring and assessment.
GS Engineering & Construction has sent the final blueprint of the new port to the Transport Ministry on September 3.
He added that removal of the port will have three overlapping phases- 2008-2011, 2011-2013 and 2012-2015.
According to the initial calculations, construction of a new seaport in Alat will cost $396 million. There will be 11 berths, of which 6 will be constructed at the first phase.
The port will handle 11.6 million tons of cargo in 2015.
The financial sources of the project are being explored now. The project may be funded through government funds, or GS Engineering & Construction may take a stake. /APA-Economics/