Some enterprises in Azerbaijan's oil, telecommunications and financial sectors to be privatised

At the end of 2023, the President of Azerbaijan issued a decree on attracting private sector investments in the privatisation of state enterprises.

According to the decree, proposals for eight state enterprises are being prepared. This was announced by Metin Eynullayev, head of the State Property Service of the Ministry of Economy of Azerbaijan, at a press conference on 30 January on the results of the last year.

Among the enterprises to be privatised with the participation of private and foreign capital he named: "OP Azerkhimiya", "Methanol", "Ethylene, Propylene, Urea" plants - all three are currently owned by state oil company SOCAR.

Privatisation will also affect the state-owned gold mining company "Azerigold", telecommunications companies "Baktelecom" and "Aztelecom", as well as the International Bank of Azerbaijan.

According to Eynullayev, it is a question of reducing the state's shareholding in these enterprises. A part of shares of these enterprises will be sold and foreign and local companies will be able to participate in their acquisition. Work is underway to develop proposals, and this work should be completed within nine months, he said.

Eynullayev added there is no direct privatisation. First there will be corporatization, and then some of the stakes will be sold.-