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SOCAR gives up non-core assets in Azerbaijan

Business Materials 11 November 2011 18:16 (UTC +04:00)

Azerbaijan, Baku, Nov. 11 / Trend E. Ismayilov /

SOCAR intends to sell its 10 percent share in the Ateshgah insurance company in the future, SOCAR head Rovnag Abdullayev told media on Friday.

"We want to sell our small share in the insurance company on a tender basis," Abdullaev said.

He said SOCAR intends to move to compulsory health insurance from Jan. 1, 2012.

"In this regard, we also want to give hospitals, including the Oil Workers Hospital, which are on the SOCAR's balance, to the Health Ministry," he said.

SOCAR refused its non-core assets because it did not want to create a conflict of interests, he said.

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