Azerbaijan to inject $12 mln into Baku International Sea Trade Port for phase 2 expansion
BAKU. Dec 25 (Interfax) - Azerbaijani President Ilham Aliyev signed an order on Tuesday to recapitalize the Baku International Sea Trade Port (BISTP) by AZN20 million ($11.76 million at current rate) for the implementation of the second phase of an expansion project.
The money will be allocated from the president's reserve fund in the state budget for 2024 and used to increase the company's charter capital in connection with the creation of a special project management office with the aim of expanding the port's throughput capacity by 10 million tonnes to 25 million tonnes, the order stated.
BISTP's charter capital is now AZN15.99 million, so the cash injection will increase it by 125% to AZN35.99 million ($21.17 million).
The Caspian Sea port, which is located in Alat, 70 km from Baku, has 13 docks, including ro-ro terminals, a ferry terminal and a terminal for general cargo. In addition to terminals for consumer goods, automobiles and raw materials, the port is building a terminal for fertilizer that includes warehouse space for 60,000 tonnes.
The port handled more than 7.3 million tonnes of cargo in 2023.