AzMeCo to be directly sold to SOCAR

AzMeCo to be directly sold to SOCAR
  • Clock-gray 12:02
  • calendar-gray 17 January 2017

“The process is delayed because the Cabinet of Ministers had to give an authorization on January 6 to Agrarkedit CJSC to sell the company to SOCAR without an auction. As you know, the Cabinet had earlier signed an order on sale and purchase of the company. The evaluation of the company completed in summer months. Later on, Agrarkredit got the company under the court’s decision. According to law, Agrarkredit had to be sold to SOCAR either through auction or a new authorization. As the document was signed recently, general procedures are underway. Out employees are holding meetings with Agrarkredit’s representatives”, he said.


Gasimov added that there will made no direct payment for transfer of AzMeCo to SOCAR’s balance: “SOCAR has received AZN 416 million from Azerenergy which were accumulated on old debts. This amount will be used as a down payment during the sale and purchase operation. We’ll use Azerenergy’s debts in the next payments too”.


The Vice-President said that SOCAR will pay $520 million in total for AzMecCo: “According to the decision of the court, Agrarkredit will receive the payment in manat. It is about AZN 800 million. The assets are usable. As you know, the assets are managed by SOCAR”. 

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