Belarus terminates investment contract with Iranian Azarab Industries
MINSK, 2 October (BelTA) – Belarus has terminated the investment contract with the Iranian company Azarab Industries. The contract envisaged accomplishing an investment project to build and operate a cement mill in Vetka District, Gomel Oblast. The relevant decision is laid down by Belarus President decree No. 430 of 27 September 2012, BelTA has learned.
The decree has invalidated two more decrees concerning the project. The investment project envisaged the construction and operation of a cement mill in Vetka District, Gomel Oblast using the chalk deposits Podkamenye and Shirokoye in the same district as the source of raw materials.
BelTA reported earlier that in May 2010 the Gomel Oblast administration and the Iranian company Azarab Industries signed the investment contract. The construction of the enterprise was supposed to start back then to be completed within 36 months. The designed output capacity of the cement mill was estimated at 1 million tonnes of cement. The required capital investments were estimated to be at least $200 million. However, the investor has failed to start working on the project.
