Contracts & Tenders

Tender for oils purchase

Production-Technological Assembling Ltd. of Azerenergy JSC announced an open tender for procurement of oils at its own expense in accordance with the 2002 needs.

It is anticipated that 580 tons of T-1500 brand transformer oil, 6 tons of K-19 compressor oil, 2.4 tons of M-12 diesel oil, 250 tons of T-22 and 50 tones of T-30 turbine oils will be purchased.

Participating in the tender can be bidders world over, excluding Armenia and UN Security Council banned countries, Azerenergy press service told AssA-Irada Friday.

Tender participants can present their bids on sale of one or several types of oil products.

The bidding documents should be submitted before 20 August. Bank certified bids are accepted until 17.00, 29 August 2002. Unsealing of the bids is scheduled for 11.00, 30 August at the Conference Hall of Production-Technological Assembling Ltd.

Tender winner signs deal

The Department for Privatization of State Property under the Ministry of Economic Development and Elvin-F Ltd Society, which won an investment tender for purchase of shares in Baku Rubber Products Open Joint Stock Company, have signed an agreement on purchase of the shares in the JSC.

Under the agreement, the tender winner is obliged to transfer 180mln manat to the state budget and submit 10,000 state privatization vouchers to the department.

According to its investment program, the winner is to invest 850mln manat in the overhaul of the building of the JSC, facilities and engineering communications, as well as procurement of new equipment within 18 months

After reviving the JSC's activities, the number of jobs is supposed to reach 85, while the average monthly salary will be doubled.

Mbank, Promtexbank sign for tie-up

Joint stock commercial Mbank and Protexbank announced a merger with a get-together of the two's management boards in a news conference Friday. The purpose is to set up a competitive financial entity with broader opportunities to draw investments into Azerbaijan.

Mbank and Promtexbank have a positive experience of working with foreign financial entities, especially with German KFW as its bank partner in a special loan program.

Chairman of Mbank's management board Samir Balayev said that the EBRD backs the initiative of the banks' tie-up, considering investing up to 20 percent in the new bank's fund.

With Mbank's assets amounting to 2,531,000 US dollars and 2,500,000 in Promtexbank, the merged bank will have a fund of 5mln US dollars.

In general, the merger will give an impetus to the development of the financial sector in Azerbaijan, according to chairman of the Promtexbank watchdog Igor Yakovenko.