Azerbaijan's state-owned oil company Socar is considering listing minority shares in some of its subsidiary companies on the domestic bourse, Socar's president Rovnag Abdullayev said on October 18, according to Trend news agency.
Socar operates over 50 joint ventures and subsidiaries active in the upstream and downstream sectors in collaboration with domestic and foreign partners. The largest company in Azerbaijan and a government cash cow, Socar is unlikely to be privatised anytime soon, but the idea that the company would open up minority shares in its subsidiaries to private investors has been discussed previously.
Speaking at the Baku Stock Exchange, Abdullayev said that listing Socar subsidiaries would provide additional investment opportunities for the local population. The move would help boost the inactive domestic bourse and aid government's efforts to support financial market development.
Socar's assets stood at AZN40bn (€22.6bn) at end-June.
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