Steel production complex to be established in Azerbaijan
Azerbaijan, Baku, April 23 / Trend /
Azerbaijani President Ilham Aliyev has signed a decree on the establishment of the Azerbaijan steel production complex with the state-owned shares today.
According to the decree, the Azerbaijan steel production complex with the state-owned shares is being established.
The steel production complex is a closed joint stock company engaged in the design, construction and management of the complex, covering all stages from the iron ore mining to the steel production in the city of Ganja and Dashkesan region, using new technologies in this field, improving the material-technical base and effectively using it, as well as performing other work related to the development of this sphere.
'Dashkesan mining enrichment' company with the state-owned shares, is included in the Azerbaijani steel production complex, as well as it will be entitled with keeping and managing the state-owned shares.
The Cabinet of Ministers was entitled to determine the share capital of the company; the areas of its development, appoint and resign the representatives and heads of representative offices, branches and agencies subordinate to the company, approve the annual reports, balance sheets, profit and loss statements, profit and loss distribution, approve the company's employees, create cost estimates, appoint and dismiss deputy chairmen of the company.
The Economic Development Ministry was entitled to conclude the deals exceeding 25 percent of the company's net assets.
The State Property Committee was entitled to grant permission for the establishment and liquidation of representative offices and branches of the company, resolve other issues related to the Azerbaijani Civil Code, except those specified in this decree.
The Azerbaijani President will deal with the issues of appointing and dismissing a chairman of the company, as well as the liquidation and restoration of the company.
The Azerbaijani Cabinet of Ministers was instructed to prepare the draft charter and the structure of the company within two months and submit to the Azerbaijani President for approval, to resolve the issues with the allocation of the necessary funds from the state budget for the maintenance of the company at the first stage and form its share capital within a month; to resolve other issues arising from this decree.
The Taxes Ministry and the State Property Committee were entitled to take actions on the state registration of the company within their powers.