15:32 - 11.05.2023

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May 11, Fineko/abc.az. The investment value of our three satellites is AZN 700 million.

ABC.AZ reports that Azercosmos’ chairman of board Samaddin Asadov said about this during the discussion of the draft Law 'On Space Activity' at the meeting of the Milli Majlis (parliament) Committee for Economic Policy, Industries and Enterprising.

He added that 85% of this cost was formed due to loans attracted from international banks.

"When the Azerspace 1 satellite was put into orbit, its duration was supposed to be 15 years. If you use fuel sparingly, you can slightly increase the duration of the satellite. We have increased the useful life of this satellite to approximately 16 years and 9 months. If we use it a little more sparingly, we will extend this period to 17 years. In 2018, the term of the Azerspace 2 satellite was planned to be 20 years. This satellite will work until 2038. In the near future, our foreign exchange earnings will exceed AZN 1-1.5 bn ($588-882 million)," Asadov said.

The head of Azercosmos noted that the number of satellites in Azerbaijan is constantly increasing: "The launch of satellites is regulated at the international level by the International Communication Union."