Azerbaijan to buy 25% stake in Aktau logistics center

"Construction of a logistics center in Aktau has been completed. In December it will start to receive food and agricultural products for storing, "said Mustafayev. The logistics center is located on an area of 8,730 thousand square meters. According to Shahin Bagirov, Deputy Chairman of the State Customs Committee of Azerbaijan, creation of the logistics center in Kazakhstan's Aktau will greatly facilitate Azerbaijani exporters to access to the markets of the Customs Union. He stressed that the State Customs Committee is working on the simplification of customs procedures for exporting agricultural products in general and by ferries. Head of Azersun Holding Abdolbari Geza said during the presentation that the logistics center will pay invested in its construction funds in 10 years. At the first stage the construction of the center involved $20 million but in the future the volume of investments may increase. It is worth noting that Azersun Holding will manage the logistics center. It bears to remind that in August 2013 Azersun Holding, Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and JSC "Special Economic Zone" Seaport Aktau" signed a memorandum of understanding on the construction of the logistics center. NOTE: Azersun Holding was established in 1992. Its scope of activities includes processing and packaging of tea, vegetable oil; trade and distribution services; construction; banking; insurance; manufacturing paper and cardboard products, meat and vegetables; transport and storage of goods etc.