Holcim, EBRD and Azerbaijan Investment Company (AIC) have finalised negotiations on construction of a new cement plant in Azerbaijan.
Azerbaijan’s Economic Development Minister Heydar Babayev said EBRD and AIC already signed a participation deal which will soon be joined by Holcim. "AIC was ready to get more than 10% in Garadagh Cement, but Holcim restricted AIC with 10% equity stake. So, AIC will take a 10% stake in this project," Babayev said, adding that project approval is expected this year."
"With reconstruction, factory’s capacity will be increased from the current 1.4Mt to 1.5Mta of cement due to its own clinker. The plant’s annual capacity will be 1Mt. EUR150m in investment will be required," he added.