The Azerbaijan State News Agency

ECONOMY

Azerbaijan`s Gizildash Cement Factory signs contract with Commerce Bank of Germany

24.12.2012 [12:41]
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Baku, December 24 (AZERTAC). Gizildash Cement Factory in Garadagh, Baku, has signed a contract with the Commerce Bank of Germany under the guarantee of the PASHA Bank on purchase of technological equipment.

Speaking to the signing ceremony, CEO of Norm Ltd Hasan Yalçınkaya said Gizildash Cement Factory was built using advanced technologies, and that it`s equipment was brought from Germany.

The clinker with a production capacity of 5 000 t/d will produce 2 million tones of cement a year. The factory will be the largest cement factory in the Caspian region.

Farid Akhundov, CEO of PASHA Bank, stressed the importance of the $22.3 million credit granted for 7 years. He added it was the largest project carried out in non-oil sector.

Some 400 people will be employed in the factory, while 150 people in the mines.