Ministry of Taxes Signs Contract for Second Phase of Construction of Administrative Building

The Ministry of Taxes signed a contract with the company Renaissance Construction Azerbaijan on the second phase of construction of a new building, which has been built on Heydar Aliyev Avenue since 2014. Turan was told by the State Procurement Agency.

The cost of the contract was 18 499 719 manat. In December 2013 a contract in the amount of 20 796 670 manat on the initial stage of the construction work was signed with the company Aikon Cpit.

The Taxes Ministry does not disclose any total project cost of construction. Not published is also a draft of the new administrative building, which according to unofficial data, will consist of at least 30 floors.

Prior to this, the Ministry of Taxes twice had a contractual relationship with the company Renaissance Construction Azerbaijan for the implementation of engineering survey and design work totaling 4.5 million manat.

Note that about LLC Aikon Cpit the only known fact is that its office is located in Baku Excelsior Hotel, which is owned by OJSC Ata Holding.

Much more information exists about the other partner of the ministry. So, in 2010, Synergy Group through its subsidiary Synergy Construction together with REC ULUSLARARASI INSAAT YATIRIM SANAYI VE TICARET A. S. (a subsidiary of Renaissance Construction included in Renaissance Holding, Ankara, Turkey ) established the company Renaissance Construction Azerbaijan. Equity participation of the parties in the new construction company was divided equally. The authorized capital of the joint venture is $ 1.2 million.

Renaissance Construction Azerbaijan specializes in the management of design and construction works of shopping centers, government buildings, hotels, factories, heavy and light industry, and other objects, according to Synergy Group. Renaissance Construction Azerbaijan has about 700 employees.

At present, Renaissance Construction Azerbaijan is also building Galaalti Hotel SPA & Resort in Shabran. It participated in a number of construction projects, including the construction of Lankaran Hotel & SPA, Shamkir Hotel & SPA, Synergy Business Center, etc. --- 08B