Key customers and projects

Key customers

■ Gazakh Cement Plant has contracted to following major cement consumers in Azerbaijan:

– Spark Beton is a construction company which is GCP’s contracting company, building Baku Olympic Stadium, a venue for Baku European Olympic Games 2015. The project is estimated to cost USD1bn with 64,000 seats (the biggest stadium in Azerbaijan)

■ Gazakh has already signed a contract with Spark Beton and estimates total cement demand at 25,000 ton during 2014- 15

– Avesta Concern, is a construction company of Khazar Islands project (discussed earlier on Demand subsection of Cement Industry section)

■ The Plant has already signed a contract with Avesta Concern. The total estimated cement demand is 550,000 ton between 2014-2018

– Azenco is another large construction company in Azerbaijan

■ Gazakh Cement Plant signed a contract with Azenco securing delivery of cement at fixed market prices

– Akkord is one of largest construction companies in Azerbaijan, related party to Gazakh Cement Plant:

■ Despite its close connections with Akkord, Gazakh Cement signed a contract with Akkord at market prices

■ The bargaining power of Akkord did not impact prices of new products, as well. For example, when the Sulfur Resisting Cement introduced into the market, all key customers, including Akkord contracted to pay AZN143.98 (inc. VAT) per ton of bulk SRC PPS 400 cement

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