Baku Seaport Corporatized

Azerbaijani President Ilham Aliyev ordered the corporatization of the Baku International Sea Port, which was relocated from Baku Bay to the Alat settlement in the Garadagh district of the capital. By another decree Taleh Magomed oglu Ziyadov was appointed General Director of Baku International Sea Port JSC.

The JSC will operate under the Ministry of Transport.

Authority reorganization and liquidation, as well as the appointment of the President of JSC is left behind. The Cabinet will decide issues approval of the reports, the distribution of profits and losses of the state-owned company, and the direction of development of the port. The Ministry of Transport will give permission for the conclusion of contracts in excess of 25% of net assets of joint-stock company, the appointment and dismissal of Deputy Director General, to appoint and remove members of the audit committee. In creation or liquidation of subsidiaries or branches of JSC will be taken into consideration the opinion of the State Committee on Property.

The Cabinet of Ministers ordered within two months to determine and pay the charter capital of JSC Baku International Sea Port. The government is requested to submit the head of state proposals to bring the activities of seaports in line with international standards, the promotion of entrepreneurial activity here, including enabling activities in the field of taxation and customs. Subject to distribution of powers are relations between the seaports and the State Maritime Administration.

The Tariff (Price) Council within a month is to revise tariffs for the port services provided by JSC Baku International Sea Port.

The first of the three phases of the port construction has been implemented. The port occupies 400 hectares. Its transshipment capacity is 10 million tons of cargo and 50 thousand containers. -----08D