Business

BARMEK HOLDING TO RUN BAKU GRID NEXT YEAR

Turkish Barmek Holding is expected to take over the "Bakielektrikshabaka" (Baku Power Grid) joint stock company since January 1, 2002. A source from the Ministry of Economic Development said Friday that the Turkish giant is to transfer a minimum of 50% of generated power to "Azerenergy" joint stock company. Barmek Holding is not empowered to hike electricity charges to the public for three years.

REGIONAL POWER GRIDS - FOR LONG-TERM MANAGEMENT

The Ministry of Economic Development has unveiled the government's intention to hold an open tender to put urban electricity grids of Sumgayit, Ganja and Ali-Bayramli on long-term management.

The ministry told Azernews Thursday that a tender commission was set up to transfer the "Sumgayitelectricshebeke", "Ganjaelectricshebeke" and "AliBayramlielectricshebeke" for long-term management on favorable terms.

The commission is to comprise specialists from the ministries of justice, tax and economic development, State Agency for Purchases, Institute of Energy and Energy Projects, local authorities and the 3 JSCs.

In order to attract more investors the commission is planning to inform diplomatic corps and foreign companies of the tender.

The bid evaluation will start on January 28, 2002, with "Artur Anderson" responsible to provide advisory services.

AzAL PAYING OFF LOANS

Minister for finance Avaz Alakbarov told journalists Wednesday that the Azerbaijan Airlines, AzAL, state concern is transferring $50-100 a day to the state budget in repayment of its loans. A total of $4.5 million is expected to be paid off in November.

International financial institutions have invested $200 million in the concern's infrastructure and implementation of its major projects.

On the AzAL inquiry to the Finance Ministry for the purchase of a new air liner, Mr. Alakbarov said it was not feasible, as the number of AzAL flights has dwindled following the terror attacks on September the US.

AZERI-JAPANESE COMMISSION TO MEET IN TOKIO

A third meeting of the Azerbaijan-Japanese intergovernmental economic commission is due in Tokio late November. According to a governmental source, the meeting will focus on issues of expanding bilateral economic cooperation in many spheres.

Presiding in the meeting will be vice-premier Abid Sharifov of Azerbaijan and Akira Vitari, president of Japanese Nichimen Corporation.

Assurance in fair tendering

Vice-premier Abid Sharifov, who is expected to join a third meeting of the Azerbaijan-Japanese economic commission in Tokio, will meet with executives of the Japanese Bank for International Cooperation, the vice-premier told journalists Thursday. He is expected to hold consultations on the outcomes of the tender for the construction of the Garadagh-Digah-Severnaya gas pipeline.

The outcomes of the tender were originally expected to be available on October 9, but the Japanese bank has not yet announced the winner, alleging it was not duly selected. Therefore, It seems highly unlikely to complete the gas pipe laying, which is to be implemented in 510 days, before the Severnaya power station is launched in November next year.

Mr. Sharifov said he would try to convince the bank that the tender commission had made a due selection.