Baku – APA-Economics. Azerbaijani President Ilham Aliyev has issued an order on some measures regarding the second stage of Shah Deniz gas and condensate field and other projects on the establishment of the Southern Gas Corridor, APA-Economics reports.
The order reads: Taking into account the proposal of the State Commission established under the order #15 issued by the Azerbaijani President on October 29, 2013 on funding the participation share and other financial obligations of the State Oil Company of Azerbaijan Republic (SOCAR) in the second stage of the exploitation of Shah Deniz gas and condensate field, the enlargement of the South Caucasus Pipeline and the projects of the Trans-Anatolian Pipeline and the Trans-Adriatic Pipeline, I hereby resolve as follows:
To ensure the efficient management of the projects, the State Oil Company of Azerbaijan Republic shall establish a closed joint-stock company (CJSC) with $100 million authorized capital, which 51 percent shares is owned by the state, 49 percent by SOCAR.
- shall ensure the transfer of the participation shares in the projects;
The State Oil Fund of Azerbaijan Republic shall ensure financing of shares directly owned by the Society;
- shall ensure long-term investment of the funds necessary to finance participation shares transferred to the Society under this order.
- The State Commission shall be represented in the Society's Observation Board through the representatives it appoints.
- Azerbaijan's Ministry of Economy and Industry is to manage the shares directly owned by the Society, the dividends on these shares shall be transferred to the State Oil Fund of Azerbaijan Republic.
- Under the order, all the income generated from Projects until the funds invested in the Society are fully returned shall be transferred to the State Oil Fund of Azerbaijan Republic.
- The State Commission shall solve the related issues."
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