Port of Baku transferred to Economy Ministry
By Sara Israfilbayova
The actual owner of the Baku International Sea Trade Port was changed.
The Directorate of the Port Complex was transferred to balance of the Economy Ministry in compliance with Cabinet Ministers’ decision dated April 28, 2017.
This is stipulated in the relevant decision on amendments to the “List of institutions operating under the Economy Ministry, but outside of its structure.”
These changes are connected with the liquidation of the Ministry of Transport and the establishment of the Ministry of Transport, Communications and High Technologies of Azerbaijan.
For centuries, Baku served as a link between East and West, alongside the ancient Silk Road, as well as North-South transport corridor that connects North Europe and Russia with Middle East and South Asia.
The Baku International Sea Trade Port in Azerbaijan’s Alat settlement is expected to become one of the leading trade and logistics hubs of Eurasia. The implementation of all 3 phases of construction is projected to increase the capacity up to 7,660 tons on a daily basis.
The first stage of construction of the Port is projected to be completed until late 2017. Till that period the Baku Port is expected to increase its capacity handling some 10-11 million tons of freight and 50,000 TEUs per year. The second stage will provide for the handling of 17 million tons of freight and 150,000 of containers, while the implementation of the final stage is projected to increase the capacity up to 25 million tons of freight and 1 million of containers.
The volume of freight transportation via the Port increased in 2016 by 47 percent as compared to the index of 2015. The figure stood at 4.5 million tons, while transit transportation accounted for some 87 percent of the total volume.
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