The FINANCIAL — According to APA-Economics, South Korea’s GS Engineering & Construction has submitted the feasibility study of Baku International Trade Seaport Project to Azerbaijan’s Ministry of Transport. Sadraddin Mammadov, Officer of the Transport Ministry, said a presentation of the project will be delivered after the fesibility results are discussed at the ministry.
“400 hectares of land in Alat has been allotted for construction. The workgroup has developed a work plan,” he added.
Preparation for construction will start in January and construction will commence in April.
He added the project will have three overlapping phases- 2008-2011, 2011-2013 and 2012-2015.
According to the initial calculations, construction of a new seaport in Alat will cost $400 million. There will be 11 berths, of which 6 will be constructed at the first phase.
The port will handle 11.6 million tons of cargo in 2015.
