AzerNews: Azerbaijan to manage energy projects more effectively
Azerbaijani President Ilham Aliyev signed a decree on February 25 on the establishment of a closed joint-stock company (CJSC) for effective management of energy projects.
The decree concerns projects related to the second stage development of giant Shah Deniz field and expansion of the South Caucasus Pipeline, Trans-Anatolian (TANAP) Pipeline, and the Trans-Adriatic (TAP) pipeline.
Given the state commission's proposals for the effective management of these projects, the state energy company SOCAR will establish a closed joint stock company (51 percent state-owned and 49 percent owned by SOCAR) with an authorized capital of $100 million, the decree says. SOCAR should also ensure the transfer of shares to the newly created CJSC.