16:58 - 30.01.2024

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January 30, Fineko/abc.az. During 2024, proposals will be prepared for the sale to private investors of part of the state's shares in large state-owned companies, in particular, in the structures of SOCAR, AzerGold CJSC, ASCO, BakTelecom, AzTelekom and ABB Bank.

ABC.AZ reports that the above-said statement was made by Metin Eynullayev, the head of the State Service for Property Issues.

"We are preparing proposals for all state-governed enterprises. The preparation of proposals should be completed within nine months. Speech is about the sale of blocks of shares, not direct privatization," Eynullayev said during a press conference on activity of the State Service for Property Issues of Azerbaijan in 2023 and the upcoming tasks.

He added that the corporatization may concern such SOCAR organizations as production association Azerkhimiya, 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 (PAs) and CJSCs, in which 100 percent of shares are currently assigned to the state. The shares of the state will be reduced. Now work is underway to prepare proposals for each joint-stock company and PA, and it may take nine months," Eynullayev said.

He stressed 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).