Bulgaria's Caspian Lubricants to invest $7.7 mln in project to regenerate motor oil in Azerbaijan

BAKU. May 8 (Interfax) - Bulgaria's Caspian Lubricants Recycling intends to invest 13.1 million manat or $7.7 million at the current exchange rate, to organize the processing of used motor and industrial oil in Azerbaijan, as well as produce base oils, the Economic Zones Development Agency told Interfax.

"Caspian Lubricants Recycling will organize production in Sumgait. The company has received resident status at the industrial park in Sumgait," the agency said.

Production will be located on two hectares, and the project should create 54 jobs at the enterprise.

The agency has not specified the timeframe for commissioning the enterprise.