Azerbaijani minister denies possibility of selling SOCAR’s shares

By Trend

There are no plans to sell stakes in state companies this year, including in the state oil company of Azerbaijan SOCAR, Azerbaijani Minister of Economy Mikayil Jabbarov said in an interview with Bloomberg, Trend reports.

“But Azerbaijan intends to adopt a privatization program that will include “new assets that haven’t been offered until now,” the minister said, without offering a timeframe for sales.

“We don’t believe it’s correct to do privatization for the sake of privatization or to do privatization within a certain deadline,” Jabbarov said. “That’s why our choice was to set up an investment holding company, giving it a chance to work and increase shareholder value.”

“As part of efforts to boost growth, the Caspian Sea nation is moving 21 major government-owned companies to a new state holding company tasked to improve efficiency and corporate governance as well as prepare them for possible privatization,” the minister said.

“The end of the conflict over the occupied territories will improve stability in the Caucasus and boost Azerbaijan’s role as a regional hub, with more trade and transit of goods and people contributing to prosperity,” Jabbarov said.