Minister: Azerbaijan Investment Company sells stake in two projects

Business Materials 6 December 2012 19:02 (UTC +04:00)

Azerbaijan, Baku, Dec. 6 / Trend A. Akhundov /

Azerbaijan Investment Company (AIC) is selling its stake in two major projects, head of the Supervisory Board, Minister of Economic Development Shahin Mustafayev told Trend on Tuesday.

"The AIC main purpose is to successfully participate, along with local and foreign investors, in the projects on priority areas of the non-oil sector," he said. "We reached the goal in two projects."

He said that the AIC is selling its stake to other shareholders in Azerduz Production Association and Oil and Gas Terminal Sangachal-Garadagh.

"The main shareholders buy the AIC share in the salt production plant and terminal complex in Garadagh," he said. "These projects are profitable and the shareholders are pleased with this."

"Azerduz" was established by Azersun Holding and AIC. The investment company has invested $ 2.9 million in this project and acquired a stake in Azerduz's share capital to the amount of 25 percent. A total amount of investments in the plant construction is 10 million manat.

The "Oil and Gas Terminal Sangachal-Garadagh" project was also implemented with Azersun Holding. AIC acquired 25 percent of the company's share capital, by investing $ 9 million, proceeding from the decision of the Investment Company's Supervisory Board as of June 29, 2007.

It should be stressed that the AIC was founded upon the President's order as of March 30, 2006.

The only founder of the company is the Ministry of Economic Development.

The AIC authorized capital was increased to 160 million manat in early 2010. It hit 90 million manat during its establishment.
The official exchange rate is 0,7848 AZN/USD on Dec. 6.