LLC Azerbaijan Fibro Cement has received the status of a resident of the Sumgait chemical-industrial park (SCIP). It is interesting that in 2014 the fiber cement production plant of the company was based on the 47th kilometer of the Salyan Highway, and the second stage of the work was carried out in an area of 7 hectares. Moreover, the first production was scheduled to begin in the second half of this year.
As the press service of the Ministry of Economy and Industry said, the status of the 4th resident of SCIP was given to Ltd. Azerbaijan Fibro Cement on its own application.
The memorandum of partnership to build a plant for the production of fiber cement with wood pulp fibers was signed by the Austrian MFL Firm in Vienna in the framework of the 2013 Austrian-Azerbaijani business forum.
In October 2014 in an interview with media representatives of Synergy Group JSC (the sole founder of the company Azerbaijan Fibro Cement) stated that the construction of the fiber cement plant in Azerbaijan is the largest industrial investment of this young holding for its work since 2010. At the same time the first production batch of the equipment was ready for transport to Azerbaijan.
The factory in Sumgayit SCIP will make fiber cement flat panels, corrugated panels and roof panels. They are used for the facade of high-rise buildings and private homes, and in the interior. The material consists essentially of cement, sand and wood pulp fibers.
The design capacity is 6 million m2 of production. It will employ 150-200 people.
According to the legislation, residents of the industrial parks are exempt from paying basic taxes (income tax, property and land taxes, VAT on imports of investment goods).
JSC Synergy Group consists of more than 30 companies in industrial, construction, agricultural, tourism, hotel and other business areas. According to the documents, the holding is owned by Ashraf Kamilov (99% stake). Local media noted that the group belongs to the Minister of Taxes Fazil Mammadov. Some of the holding companies are located in his home district. However, many analysts believe that the investor and the recipient of the ultimate benefit of this holding is the country's ruling family, which is also inherent to other specific economies of the world. ----08D
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