Fondel Metal to invest $1bn in 'AzerAluminum'

The Azerbaijan government has envisioned energy discounts for “Fondel Metal”, a Dutch company running “AzerAluminum” joint stock company. According to the minister for state property Farhad Aliyev, the discounts will be effective for 5 years. Besides, all the arrears of the JSC apart from the salary debt will be frozen for the period of concession.

“Fondel Metal” will reimburse the salary arrears of $1.8 million and transfer $2 million to the state budget. In the first three years, the company will invest $202 in the enterprise and open 5,000 jobs in 5.5 years.

The Dutch company is implementing the biggest non-oil project in the Azerbaijan economy and intends to invest a total of $1 billion in “AzerAluminum” over 25 years.*