2024-02-10 18:42:40
The head of the State Service for Property Affairs under the Ministry of Economy of Azerbaijan, Metin Eynullayev, announced the preparation during 2024 of proposals for the sale to private investors of part of the state shares in large state-owned companies, in particular, in the structures of SOCAR, AzerGold CJSC, ASCO, BakTelecom, AzTelekom and the bank ABB, Day.Az reports on Tuesday.
“We are preparing proposals for all state-owned enterprises. Preparation of proposals must be completed within nine months. We are talking about sales of blocks of shares, not direct privatization,” M. Eynullayev said during a press conference on the activities of the State Service for Property Affairs of Azerbaijan in 2023 and the challenges ahead.
According to him, corporatization may affect such SOCAR structures as the Azerkhimiya production association, ethylene and propylene production enterprises, methanol and urea plants.
“Local and foreign investors will be able to participate in the purchase of shares of production associations (PO) and CJSC, in which 100 percent of the shares are currently assigned to the state. The state shares will be reduced. Work is now underway to prepare proposals for each CJSC and PA, and this could take nine months,” Eynullayev noted.
He emphasized that the government has an interest in attracting foreign investors to the privatization process, but restrictions remain for them regarding the right to land (lease only).