Azerbaijan's SOCAR Construction declares lowering authorized capital

Construction Materials 10 February 2021 15:39 (UTC +04:00)
Azerbaijan's SOCAR Construction declares lowering authorized capital

BAKU, Azerbaijan, Feb.10

By Fidan Babayeva - Trend:

Azerbaijan’s SOCAR Construction LLC declared a decrease in its authorized capital from over 8.9 million manat ($5.2 million) to almost 2.2 million manat ($1.3 million), Trend reports referring to the ‘Vergilar’ online newspaper of the State Tax Service under the Ministry of Economy.

"In connection with the decrease, creditors can submit their claims within a month to the address: 65A Abdulvahab Salamzadeh Street, Narimanov district, Baku, Azerbaijan. The reasons for reducing the authorized capital are not indicated in the information," the newspaper said.

SOCAR Construction, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), was formed to meet the growing needs of the Russian fuel and energy complex in high-quality industrial and infrastructure facilities. The company was registered in the Unified State Register of Russian Legal Entities on August 8, 2017, as an independent contractor for the construction, installation, and maintenance of elements of the oil and gas industry.


Follow the author on Twitter: @Fidan_Babaeva