Azerbaijan's Socar to list minority shares in subsidiaries on local bourse

By bne IntelliNews October 19, 2016

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. 

Related Articles

Azerbaijan's biggest lender posts unexpected profit in Q1

The International Bank of Azerbaijan (IBA), the largest lender in the country, reported a 24% y/y increase in operating income to AZN218mn (€123.4) in the first quarter of 2017. The bank also ... more

Azerbaijani firms linked to political elites missing from tax registry, investigation reveals

A Radio Free Europe/ Radio Europe (RFE/RL) investigation revealed on March 24 that some 29 companies with ties to Azerbaijani President Ilham Aliyev, his family and the families of other government ... more

Bombardier's Swedish branch embroiled in corruption scandal related to Azerbaijani contract

The Swedish branch of Canadian aerospace multinational Bombardier is suspected of bribing its way into a $350mn contract with the government of Azerbaijan, a new investigation reveals. According ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss