AZERBAIJAN HAS MORE THAN OIL TO OFFER.
Publication: Monitor Volume: 2 Issue: 57
The government of Azerbaijan and Trans-World Metals are set to sign a contract under which the London-based firm will take over the management of the Ganja alumina plant for a ten-year period, as well as a controlling share of the plant’s stock. Trans-World Metals is expected to refinance and overhaul the plant, bring its output to the full capacity of 450,000 tons annually from the current low of 27,000, and ensure high product quality. The London company is also negotiating to take over the smelter in Sumgait which makes aluminum from Ganja’s alumina. (The Financial Times and UPI, March 20). The deal is the first in Azerbaijan’s program, promulgated last month, to bring Western management and capital in large state enterprises outside the oil sector.