Contracts & tenders

Inecotex fails to fulfill commitments

The ministry of Economic Development has nullified an agreement with Inecotex, the winner of an investment tender for sales of shares in Bakusteel joint stock company after it failed to fulfill the commitments stipulated in the agreement.

In total, AZM600.5 million has been spent to AZM1.5 billion as commitments.

A new investment tender is planned to be held for the JSC, according to the ministry, which has conducted 23 investment tenders for sale of medium and major enterprises to date. Tender winners have spent over $200 million.

Astrakhan shipyard to build tanker for oil transportation

Executives of Alegratrans told a news conference at the Hyatt Regency Hotel of Baku Monday they had reached agreement with "Krasnaye Barrikady" in Astrakhan on building 3 vessels with lifting capacity of 60,000 tons to transport crude from Aktau and Turkmenbashi to Baku and Batimi.

The project was developed by the Norwegian sea engineering company, Libaek & Assiciates.

Under the agreement, the first vessel will be delivered in 2004. The three vessels will be able to transport 12 million tons of oil a year in 200 voyages to 2000 required currently.

Additional investments in the terminals, shipment and unloading capacities will be required for optimal use of these new types of vessels, according to the manager of the company Oleg Vostrucov. The vessels will reasonably reduce crude transportation expenses approximately by $5 million.

WB experts to determine tender winner

A tender for the conservation of an old trial house in the Palace of Shirvan Shahs, medieval Azeri rulers, the architectural monument dating back to the 15th century, has drawn a close, as World Bank experts will now have to consider a package of proposals of Azeri, Turkish and Italian companies. The funds for restoration will be WB loans and state budget allocations.

Italian “Impressa-pushen” is currently doing $1,660,000 worth of reconstruction activities in the Shah's residence inside the Palace.