New port in Baku will cost $ 400 million
In the capital of Azerbaijan, Baku, it is planned to build a new sea international trade port. The final draft of the feasibility study on its construction will be presented soon, Azerbaijani Deputy Transport Minister Musa Panakhov told reporters.
According to him, Azerbaijan has signed an agreement with the Korean company GSE & Construction on the construction of a modern oil terminal within the port complex.
Construction work should begin this year, but it is already clear that the initial project cost of $ 400 million will increase significantly.
“Financing of construction will be carried out at the expense of the state budget and raised funds,” said Musa Panakhov.
The new port will be able to receive vessels with a displacement of up to 13.5 thousand tons, and with further development it will be possible to service vessels with a large displacement.