'Fondel Metal' to run 'AzerAluminum'

The Ministry of State Property (MSP) and Dutch “Fondel Metal Participation B. V.” have signed an agreement on the concession of the “AzerAluminum” joint stock company.

On November 22, 2000, the parties signed an MOU on main principles of such an agreement. According to the company’s offer, it will invest, over 25 years, $1 billion in “AzerAluminum” and transfer $2 million to the state budget.

Besides, the company is committed to open 500 vacancies in connection with restoration operations at the Sumgayit section of “AzerAluminum” and clear the salary arrears.

A source from the MSP says “Fondel Metal” intends to increase primary aluminum output to 50,000 tons a year and, after reconstruction at the Ganja section of “AzerAluminum”, raise aluminum production to 450,000 tons per year.*