Ilham Aliyev: SOCAR Not to Be Privatized

Azerbaijani authorities in the fall of oil prices do not intend to make additional efforts to support the national currency and will not privatize the State Oil Company (SOCAR) - a strategic asset,  President Ilham Aliyev told RIA Novosti on the sidelines of the Davos forum.

Oil revenues account for about 90% of Azerbaijan's export and the national currency manat against the background of a fourfold drop in oil prices was twice devalued, depreciated against the dollar by more than 50%.

"As for the manat, I think, all that had to be done we have done. I think any new measures will not be taken by the government. I think the current policy, given the current oil prices, is stable. If oil prices fall further, I do not think the manat will suffer. Now it is a fair course. It was a bit overpriced, but now it has found its place," Aliyev said.

Asked whether Russian companies would participate in the recently announced large-scale privatization in Azerbaijan, Aliyev said Russia is a close friend of Azerbaijan. "If they wish, we will be happy. They have not addressed, while we have just announced," he said.

According to Aliyev, "the list of companies for privatization will soon be discussed."

"SOCAR will remain state property, because it is a strategic asset," the President said. -06D--