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Hungarian Hell Energy to expand in Azerbaijan
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A new plant by soft drink maker Hell Energy planned in Azerbaijan with the cooperation of a local investment fund will create a new economic link between east and west, Foreign Minister Péter Szijjártó said on Monday.
The ministry cited Szijjártó saying in Baku that the foundations of “another joint success story” between the two countries had been laid by the Hell Energy Group signing an agreement with the Azerbaijan Investment Company to set up a production unit representing a value of USD 211 million.
The plant to be opened in 2025 will produce 700-800 million aluminum cans annually and around half of them will be filled by local and regional drinks, the statement said. Additionally, the company which is market-leader in Hungary and several other countries will use the plant to serve its own local and regional markets, it added.
Demand for Hell Energy products has been increasing, with around 50 percent growth in turnover last year, around two-thirds of which resulted from international markets, Szijjártó said. The comany is at 12th place in the global ranking of soft drinks exports after a 5.5-fold increase in ten years, he added.
He also said that over the past three years, the global economy turned upside down twice and a new era has started which forced all the participants rewrite their plans.