3 Jul 2019 15:09

Az Varvara to invest $7 mln in farming sturgeon in Azerbaijan

BAKU. July 3 (Interfax) - LLC Az Varvara will invest 12 million manat (around $7 million) in developing the fish company OJSC Varvara Baliq, according to Azerbaijan's State Committee on Property Issues.

"The committee received proposals from two investors, but after they were studied, it was decided to announce Az Varvara as the winner of the investment competition for the sale of 100% of shares of Varvara Baliq, which raises fish. Under the investment program that it submitted, the company is obliged to invest 12 million manat in the development of this company," the statement says.

According to the committee, the funds will be used to renovate and build ponds, create a production area, carry out construction and repair work on administrative buildings, improve the water-supply system, and beautify the territory. Short-nose sturgeon, long-nose sturgeon, bastard sturgeon, and beluga will be raised there.

The company is located in Varvara in the Yevlakh region, about 300 km from Baku. It was created in 1956.