ECONOMY
GOBUSTAN WIND POWER STATION PROJECT PRESENTED
Korea`s “STX Energy Co. Ltd” presented Monday the Gobustan Wind Power Station project at the Ministry of Industry and Energy.
Minister Natig Aliyev told of the Korea-Azerbaijan relations, joint projects and stressed the need for utilizing renewable energy sources.
He said Azerbaijan would run out of oil and gas in 100 years. Wind energy will play a unique role in meeting energy needs in the future.
President of STX Energy Co. Ltd Lee Sang Ok touched upon the activity of his company and cooperation with Azerbaijan. According to him, wind power station is cost-effective.
South Korea`s ambassador to Azerbaijan Lew Kwang-chul told of fast development of cooperation between the two countries, saying President Ilham Aliyev`s visit to Korea in April this year gave a fillip to bilateral ties.
Ambassador pointed out that 40 joint projects have been implemented so far. According to him, STX Energy Co Ltd has a huge experience in this sphere, and Azerbaijan has an abundance of renewable energy sources.
Informing of the project, chief of the Ministry of Industry and Energy’s department of investment policy and reconstruction of industrial enterprises Ramiz Rzayev said that $2 bln were pumped into reconstruction of the power network in Azerbaijan.
R. Rzayev noted damage that traditional energy sources do to the environment led to the need of using alternative energy sources. This project was discussed in October 2006 for the first time. $40 million investment will be needed on the construction of the 20-megawatt wind power station.
STX Energy Co Ltd will provide 20 percent of funds needed for construction of the station while the remaining 80 percent will come from other sources.