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EBRD to double investments in Holcim Azerbaijan

21 June 2016 16:32 (UTC+04:00)
EBRD to double investments in Holcim Azerbaijan

By Fatma Babayeva

The European Bank for Reconstruction and Development (EBRD) plans to increase its assets in Holcim Azerbaijan OJSC (Garadagh cement plant) from the current 10 percent to 20 percent.

The statement was published on the bank’s official website on June 21.

EBRD is currently considering opportunities to issue additional investments for Holcim in order to increase the bank’s assets in the company and expand the bank’s participation in the company’s business.

The project also envisages continuing the support to Holcim Azerbaijan with the aim to improve energy efficiency via introducing alternative fuels to the fuel mix of the company.

EBRD’s support to the company demonstrates the bank’s continued commitment to the non-oil sector of the country. In addition, the company aspires to maintain the sustainability standards and continues using alternative fuels in its activities.

The project will be discussed during the meeting of the Board of Directors of the EBRD on July 20.

Swiss Holcim is a leading global supplier of cement, concrete aggregate (crushed stone, gravel and sand), ready concrete and asphalt mixtures and provides all related services. The number of the Holcim employees working in the company's plants located in more than 70 countries in all continents of the globe exceeds 80,000 people.

Holcim rebranded "Garadagh Cement" to Holcim Azerbaijan in 2012.

With a production capacity of 1.7 million tons per year, the share of Holcim Azerbaijan accounts for 40 percent of the cement market of Azerbaijan. The total volume of the market in the country stands at 4 million tons of cement.

The foundation of the plant worth €300 million was laid in 2009. 80 percent of the production equipment was modernized and 4 furnaces working with old wet technologies were replaced with one furnace working with dry method.

The shareholders of the OJSC are LafargeHolcim (66 percent), EBRD and Holcim Auslandbeteiligungs Gmbh (10 percent each) and private individuals (14 percent).

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Fatma Babayeva is AzerNews’ staff journalist, follow her on Twitter: @Fatma_Babayeva

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