Name of Azeryolservis JSC Changed, and Others

President Ilham Aliyev signed a decree On Joint Stock Company Azeravtoyol, according to which, it will be referred to as OJSC Azeryolservis.

Before that the Ministry of Transport performed almost all the powers of the JSC shareholder on behalf of the state, but now it has lost all of those rights.

The President will appoint the Chairman and his two deputies. Approval of the charter and structure, as well as determination of the authorized capital will be the authority of the Cabinet. The Cabinet will also approve the JSC development direction and its annual accounts, and will divide profits and losses. Part of the authorities of the general meeting of shareholders will be performed by the State Committee on Property. The property will be managed by the company.

Note that JSC Azeryolservis was created in February 2007 on the basis of Yolneqliyyatservis Department (Dortransservis), who had been called the state company Azeravtoyol.

Starting this year, Azeravtoyol receives direct funding from the state budget in the amount of 25 million manats. This structure also manages a major part of the budget of the Trust Fund Highways. This year the Fund received 261 million AZN from the state budget.

JSC Azeravtoyol provides services in the field of road economy, including: design, maintenance, repair, renovation, reconstruction and construction of roads, bridges, tunnels, and other road structures on its balance sheet. The JSC acts as a safeguard of these roads. -----08D