The Order "On relevant measures related to the second stage of the development of the Shah Deniz gas-condensate field and other projects regarding the establishment of the Southern Gas Corridor" has been amended, APA reports.
President of the Republic of Azerbaijan Ilham Aliyev has signed an Order in this regard.
Based on the Order, the State Oil Company of Azerbaijan (SOCAR) must ensure the effective management of Projects through the Southern Gas Corridor Closed Joint-Stock Company, with 49% of its shares owned by the state and 51% by SOCAR.
The ownership rights to the portion of the company’s charter capital that represents 2% of the state-owned shares in the company’s charter capital will be transferred to SOCAR’s charter capital in accordance with the Civil Code of the Republic of Azerbaijan and the Law "on the Securities Market of the Republic of Azerbaijan".
Until now, the State Oil Company of the Republic of Azerbaijan has ensured the effective management of projects by establishing a closed joint-stock company with a charter capital of 100 million USD, where 51% of the shares were owned by the state and 49% by SOCAR.
The Ministry of Economy is tasked with taking the necessary measures to implement the issues arising from this decree.
This Order enters into force on the day of its signing.
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