The production of biodiesel will be launched in Azerbaijan, Azerbaijani Economy Minister Shahin Mustafayev said on Jan. 22.

Axar.az reports citing Azerbaijan Economy Ministry.

Mustafayev made the remarks in Baku at an expanded meeting of the board of the Azerbaijani Ministry of Economy.

The minister stressed that the corresponding enterprise has already become a resident of the Balakhani Industrial Park. The company will produce biodiesel by recycling the used tires.

The planned amount of investments is expected to reach three million manats. Twenty new jobs will be created there.

Mustafayev stressed that 14 residents have been registered in the industrial park, who have invested 37.3 million manats in their enterprises. Seven of 14 enterprises began to operate in the industrial park. The total staff of these enterprises is 400 people. Their number will be increased to 650 thanks to the implementation of new projects.

The minister also added that in connection with the growing number of residents, the territory of the industrial park was expanded by 1.3 hectares and now it reaches 8.3 hectares.

The Balakhani Industrial Park was established upon Azerbaijani President Ilham Aliyev’s order at the end of 2011. Investors have been exempt from various taxes and customs duties for seven years in the Balakhani Industrial Park as in other industrial parks.