By the end of the year Korean GS Engineering & Construction will complete the development of a feasibility study to construct a new international sea port in Azerbaijan, the Azerbaijani Deputy Transport Minister, Musa Panahov, reported according to news agency Trend.
The cost of the new international trade port, construction of which is planned to begin in 2008, is assessed at $440mln.
Currently all terminals of the port (excluding oil terminal) are located within the bounds of Baku which complicates cargo transportation. The new trade sea port will be constructed nearby the Alat settlement. It will correspond with all international standards. All vessel repair establishments located within Baku will be transmitted from the Baku Bay to Garadagh region and a shipyard will be constructed.