State Property Committee provided in 2012 winners of the investment competitions rights to the shares of four privatized enterprises. Among them, there are 97.24% of the shares (861,250 shares) of "Azerelektroterm", having a vague history of privatization in 2003.
Shares of "Azerbaycan Mehmanxanasi", "Azerkabel", "Polad Idman Klubu" "Azerelektroterm" became the property of investors to complete investment programs. For example, on the site of the demolished hotel "Azerbaijan" LLC "ISR Holding" has built a five-star hotel Hilton Baku. Another story is of "Azerelektroterm", which Turan found entirely inactive.
The government has privatized twice by the same method "Azerelektroterm", engaged in the production of steel structures for heavy and light industries. The first time it was privatized by the Azerbaijani-Turkish company A & D (founders-Milan Group (50%) and Azretrol (50%) at the end of 2003. Ltd. A & D committed to invest in 12 months up to 9.8 million manat in the reconstruction of the company. However, according to the results of the audit by the State Committee, for this purpose there was invested only 1.3 million manat. Nevertheless, the State Property Committee submitted a certificate of ownership of the shares of "Azerelektroterm" in 2005. That same year, the results of privatization were reviewed and annulled by the courts. This process coincided with the scandalous arrest of the Minister of Economic Development Farhad Aliyev and his brother Rafiq Aliyev, who is president of the Company Azretrol.
Once again, "Azerelektroterm" was put up for sale in 2007. But this time, contrary to the laws of the results of the contest were not made public. It is unknown by whom and under what obligations the company was privatized. Corresponding to the question from Turan, representatives "Azerelektroterm" noted that it is not a business entity. On the premises, there are two companies ("Texmash" and "TMT").
Note that in the run-up of two competitions the government made asset restructuring of this. During the second call for the investors there were sold not 98.7%, but 97.24% of the shares. The authorized capital stock was reduced from 3,760,000 to 1,771,400 manats. In addition, the land area of ??"Azerelektroterm" was reduced from 35.1 to 12.3 hectares. - 08B-
Economics
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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