Azerbaijan's Isfa to invest $4 mln in olive oil production in Dagestan

BAKU. May 22 (Interfax) - Azerbaijan's Isfa plans to invest up to AZN 7 million ($4.1 million at the current exchange rate) in planting an olive orchard and building an olive oil plant in Dagestan, the Azerbaijan's Economic Zones Development Agency reported.

Isfa LLC, which has been operating in Azerbaijan since 2015, signed a memorandum on cooperation with Dagestan's Export Support Center, the agency said.

Under the document, in the first stage Isfa will plant an olive orchard on 100 hectares in Dagestan's Derbent district in 2025 using 165,000 seedlings grown in the Yevlakh Pilot Agricultural Park. Isfa will also install the orchard's irrigation system.

In the second stage, the company will build an olive oil processing plant with daily production capacity of 100 tonnes.