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. Last Updated: 07/27/2016

Azerbaijan Plans New Shipping Terminal

BAKU, Azerbaijan -- A private Azeri firm and a state investment company said Monday that it plans to build a 1-million-barrel-per-day oil terminal on the Caspian Sea, which could help the country double its oil export capacity.

The executive director of the Azerbaijan State Investment Company, Anar Akhundov, said ASIC and KavkazTransService would build a terminal in Baku with an annual capacity of over 50 million tons of oil and oil products.

Akhundov said the cost of the project would amount to $150 million. He said talks with foreign investors would start next week.

"Islamic Development Bank has already shown interest in this project. There will be other international financial institutions and private banks," Akhundov told reporters.

KavkazTransService is a subsidiary of Azeri private holding Azersun, which already owns two terminals on the Azeri Caspian Sea coast via a trader, Middle East Petrol.