 | Siemens wins Baku Electricity Network concession tender |
Results of a tender for concession of the Baku Electricity Network have been finalized and German Siemens chosen as winner. The selection was carried out with the participation of German Arthur Andersen.
Siemens was chosen from among 6 contenders: AES Parkshot Holdings B. V. (USA), Siemens and Stadtwerke Leipzig (Germany), Barmek Holding (Turkey), ETZ Praha (Czech Republic) and "AzerElectric" company founded by Turkish and Northern Cypriot firms. Proposal packages were unsealed on November 28, 2000.
On March 7, the tender commission decided that AES Parkshot Holdings B. V., Siemens and Barmek Holding qualified for the second stage, while on March 16 Siemens was officially announced as winner.
Under the submitted proposal, Siemens is to invest, within 25 years, a total of $770 million in the Baku Electricity Network JSC, including $139.2 million in the first 5 years. Over this period, Siemens has agreed to carry out technical reconstruction, minimize technical losses, improve collection of payments and completely modernize the electricity network.
Operations are currently underway to prepare a draft agreement on managerial rights of the Joint Stock Company, according to the Ministry of State Property.*
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Issue: March, 17, 2001
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