Hungary's Hell Energy to build $211 mln energy drinks factory in Azerbaijan

BAKU. July 10 (Interfax) - Azerbaijan Investment Company OJSC and Hungarian Hell Energy have signed an agreement on joint activities, which provides for the construction of a plant in Azerbaijan for the production of aluminum cans and filling them with energy drinks.

Azerbaijani Economy Minister Mikayil Jabbarov said on social media that the agreement was signed during his meeting in Baku with Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto. At the meeting, the ministers discussed measures to strengthen the Azerbaijani-Hungarian partnership, the development of bilateral trade and economic ties and prospects for cooperation.

The republic's Ministry of Economy told Interfax that the cost of the project is estimated at $211 million.

The plant will be built in the Alyat free economic zone. At the first stage, the forecast is to produce and fill 415 million cans per year. At the next stage, production volume will be increased to 700 million cans per year.

"The implementation of the project will create over 300 jobs," the ministry said.

Hell Energy is engaged in the production of energy drinks.