An agreement between LLC Norm and JSC Pasha Bank

Norm LLC borrows loan from German Commerz bank to import equipment from Germany for the construction of the plant Gyzyldash Cement under guarantees of Pasha Bank. On Friday in Baku Hotel JW Marriott Absheron the signing of the treaty between Norm Company and Pasha Bank was signed in the presence of Commerz Bank and other interested parties.

The agreement was signed by General Director of Norm Hassan Yalchinkaya and Chairman of Pasha Bank Farid Akhundov.

This document was part of an agreement to provide the largest German bank Commerzbank guaranteed by the German export insurance agency Euler Hermes and PASA Bank long-term loan in the amount of 22.3 million dollars and a term of 7 years to fund the supply of equipment for the plant in Germany Gyzyldash Cement.

In particular, as the chief executive officer Hassan Yalchinkaya said, suppliers of basic technological equipment for the plant will become the leading German manufacturer Hazemag, Pfeiffer, ClaudiusPeters, Siemens, Aumund and Haver & Boecker.

"The active participation of the leading financial institutions of Germany, Azerbaijan, and can be considered as an indicator of confidence in our country," said Yalchinkaya.

In turn, Akhundov said Pasha Bank is proud to act as guarantor of the agreement with the Azerbaijani company Norm, the construction project in Azerbaijan, a new cement plant.

According to him, the agreement is the largest project in the operation since February 2011 - a program of co-financing business from Commerzbank and Pasha and insurance coverage from the German agency Euler Hermes.

As noted Yalchinkaya, power plant under construction in Garadagh amount to 5000 tons per day of clinker and 2 million tons of cement per year. The plant Gyzyldash Cement will be the largest cement producing company in the Caucasus and Caspian region.

Along with the release of special types of high quality cement for the first time in Azerbaijan will begin production of the cement plugging in accordance with API standards, used in the modern oil industry. In the production will apply the latest innovations, new technologies and modern equipment that will also comply with the most stringent environmental standards. The plant is expected in the third quarter of 2013.

 In the project Norm cooperates with the Japanese company Japanese Mitsubishi Corporation.

In addition, the plant summed new road by modern standards of 10 km, high-voltage power lines, water supply, and fiber optic cable. On industrial buildings completed and foundation work is ground construction. In the coming days will begin installation of the equipment.

"Preference latest innovations in manufacturing, using the most advanced technology and equipment, compliance with the most stringent European environmental standards will ensure maximum efficiency and energy savings," said the representative of Norm.

The project is important in terms of creating new jobs.

Directly at the plant will operate 400, 100-150 will be busy in the raw fields. Hundreds of workers will be involved in related and supporting sectors such as chemical processes, transportation, fuel, catering and other service industries. -06C-