Azerbaijan invests over $400 million in satellite projects

Azercosmos Board Chairman Samaddin Asadov has said the company has invested about 700 million manats ($411.7 million) in three satellite projects.

He made the statement during the discussion of the draft law "On Space Activity" at a meeting of the Azerbaijani parliament’s economic policy, industry and entrepreneurship committee, Report informs.

According to him, 85 per cent of these costs are formed by loans from international banks.

"The lifetime of Azerspace-1 was supposed to be 15 years. With efficient fuel use, it is possible to somewhat increase the operation period. We increased it to 16 years and nine months and can increase it to 17 years if we use it more efficiently. The Azerspace-2 satellite was launched in 2018 and has a lifespan of 20 years. It will operate until 2038. In the near future our profit in the currency will exceed 1-1.5 billion manats [$588-882 million]," Asadov said.

The chairman noted that the number of Azerbaijani satellites is steadily increasing: "The launch of satellites is regulated at the international level by the UN International Telecommunication Union.”