President of Azerbaijan Ilham Aliyev signed a decree on improving the management of the State Oil Company of the country - SOCAR.
In order to improve management, a SOCAR Supervisory Board of 7 people is being created, the chairman of which is appointed by the country's president, reads the decree.
The Investment Holding of Azerbaijan is responsible for approving the charter and structure of SOCAR, determining the size of the authorized capital; approval of financial statements, distribution of SOCAR's profits; approval of dividend policy; decisions on the issue of securities; decisions to conclude a deal of special significance (for an amount exceeding 25% of the value of SOCAR's net assets).
By another decree of the head of state, the composition of the SOCAR Supervisory Board was approved.
Minister of Economy Mikail Jabbarov was appointed as the Chairman;
Council members:
Emin Huseynov - Assistant to the First Vice President of Azerbaijan;
Israfil Mamedov - Executive Director of the State Oil Fund;
Elnur Soltanov - Deputy Minister of Energy;
Azer Bayramov - Deputy Minister of Finance;
Rovshan Najaf - Deputy Minister of Economy;
Ruslan Alikhanov - Director of the Azerbaijan Investment Holding.
According to unofficial data, the structure of SOCAR will be seriously reformed and divided. In addition, the decree on improving management provides for the issue of securities, which is indirect evidence of the possibility of SOCAR's privatization in the future. (Turan)
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