Azerbaijan Caspian Shipping Company conducts asset revaluation

Photo: Azerbaijan Caspian Shipping Company conducts asset revaluation / Economy news

Baku, Azerbaijan, June 25
By Emil Ismayilov - Trend:

Azerbaijan Caspian Shipping Company CJSC is negotiating with major international companies on the preparation of the development strategy of the company for the following 15-20 years.

The CJSC head, Rauf Valiyev made the remarks at the event dedicated to the celebrating Sailor`s Day in Azerbaijan.

The main task set before the company is to maintain its position in the freight market under the competitive environment in the Caspian Sea, he said.

Valiyev also noted presently work is being carried out on the revaluation of assets of the company and determination of their market value within restructuring of the CJSC and its future development.

Azerbaijani President Ilham Aliyev signed an order on the establishment of the Closed Joint-Stock Company "Azerbaijan State Caspian Shipping Company" on October 22, 2013.

According to the order, to continue institutional reforms in the economy, increasing the efficiency of local and international transport in the field of maritime shipping, strengthening the competitiveness of the transit potential of the country, on the basis of the Azerbaijan Caspian Shipping Company and the Caspian Sea Oil Fleet, a closed joint-stock company "The Azerbaijan State Caspian Shipping Company" under the State Oil Company of Azerbaijan Republic has been established.

The authorized capital of the company amounts to 383,420,621 AZN at the nominal value of each share in 1 (one) AZN.

The official exchange rate on June 25 is 0.7843 AZN / USD.

Edited by CN

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