BAKU, Azerbaijan, December 14. A sand deposit was sold at auction for 20 times more than the starting price in Azerbaijan, the State Service for Property Issues under the Ministry of Economy said, Trend reports.
The service noted that at the auction held on November 22 for the commissioning of the Garaoghlan sand deposit, located in the Yevlakh district, as a result of healthy competition between investors, the final offer exceeded the initial starting price (42,560 manat or $25,040) by more than 20 times.
The winning investor provided a payment of 831,000 manat ($488,820) to the state budget, while the offer for the sand deposit exceeded the starting price by 788,440 manat ($463,790).
The state budget of Azerbaijan received 115.4 million manat ($67.9 million) from the privatization of state property (an increase of 2.4 percent) in 2022.
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