Approved statutes and the structure of the Caspian Shipping Company

The Cabinet approved on 24 January (the decision Number 16) the charter and structure of State JSC Caspian Shipping Company created on October 22.

Its share capital consists of 383 420 621 shares with a nominal value of 1 manat each. All shares are state-owned. Financial statements and the consolidated financial reports of the Company are prepared in accordance with International Financial Reporting Standards. Also established requirements for transparency: annual financial reports accompanied by an auditor's report , as well as transactions in the amount exceeding 25% of the net assets of JSC shall be published in the press in terms of the regulatory enactments. Shipping Company has the right to dispose of the net profit.

The company is governed by a Board consisting of seven members appointed and dismissed by the President. The right of taking decision on the reorganization and liquidation of the company belongs to the President.

The company forms an internal audit service, whose employees should have a degree in economics or law, or 4 years of experience in these areas or audit.

The structure of JSC includes its central staff and three subsidiaries (Azerbaijan State Maritime Academy, utility agricultural enterprise Denizchi (Sailor), Caspian Marine Transportation Design and Research and Research Institute). The company has offices in all the littoral states as well as Turkey and Ukraine. Public limited company has six departments that do not have legal status: The flotilla of maritime transport, the Caspian Sea Oil Shipping Company, shipyards Bibiheybat and Zig production management services and management of social development.

Flotilla Shipping Company of Azerbaijan consists of 82 ships with a total capacity of over 488 tons , including tankers - 43 , freighters - 39 ( 7 of them - train ferries) . Caspian Sea Oil Fleet consists of 263 different vessels.

President Ilham Aliyev signed January 10, 2014 unpublished in print order № 213 " On the organization of activity of JSC Caspian Shipping Company . 

In 2013, the ships of JSC Caspian Shipping Company transported to the Caspian Sea, 11.5 million tons of cargo , including oil - 56.4%. - 08D -


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