BAKU, Azerbaijan, December 10. SOCAR's share in the Southern Gas Corridor Closed Joint-Stock Company (CJSC) has increased from 49 percent to 51 percent, Trend reports.
The corresponding decree was signed by President of Azerbaijan Ilham Aliyev.
According to the amendments, the State Oil Company of Azerbaijan (SOCAR) must ensure effective project management through the Southern Gas Corridor CJSC, 49 percent of the shares of which are owned by the state, and 51 percent by SOCAR.
The ownership rights to the portion of state-owned shares in the company's authorized capital, which constitutes two percent of the authorized capital, will be transferred to the authorized capital of SOCAR in accordance with the Civil Code of Azerbaijan and the law of Azerbaijan "On the securities market".
The Ministry of Economy must take the necessary measures to address issues arising from this decree.
The decree enters into force on the day of its signing.
To note, until now, SOCAR had ensured effective project management by establishing a Closed Joint-Stock Company with an authorized capital of $100 million, 51 percent of whose shares were state-owned, and 49 percent belonged to SOCAR.