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SOCAR TO BE RESTRUCTURED
Baku, IAA "Trend" May 15 corr. R.Abbasov
Proposals on restructuring the State Oil Company of Azerbaijan (SOCAR), Trend reports quoting Natig Aliyev, President of SOCAR.
The document will be submitted to the consideration of the Cabinet of Ministers and the President after being designed. SOCAR held consultations with several companies and organizations, including the European Bank for Reconstruction and Development (EBRD) on determining the direction of restructuring the SOCAR. Aliyev said earlier the SOCAR held restructuring and united small enterprises within 8 big ones.
Aliyev also stated SOCAR would not be restructured under influence.
EBRD plans to allocate $170m to SOCAR to finance its stake in the Shah-Daniz project on condition of the implementation of restructuring the company. The bank is ready to $1 m in this respect.
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