The list of state-owned companies to be managed by AIH was approved

The list of state-owned companies and enterprises, as well as business entities with a share of state capital to be managed by Azerbaijan Investment Holding (AIH) was approved.

President Ilham Aliyev signed a decree “On ensuring the activities of Azerbaijan Investment Holding”.

According to the Decree, the list of state-owned companies and enterprises, as well as business entities with a share of state capital to be transferred to the management of Azerbaijan Investment Holding was approved.

- State Oil Company of the Republic of Azerbaijan

- “Azerbaijan Airlines” Closed Joint-Stock Company

- “Azerbaijan Railways” Closed Joint-Stock Company

- “Azerbaijan Caspian Shipping” Closed Joint-Stock Company

- “Baku Metro” Closed Joint-Stock Company

- “AzerGold” Closed Joint-Stock Company

- “Azerenergy” Open Joint-Stock Company

- “Azersu” Open Joint-Stock Company

- “Azerishig” Open Joint-Stock Company

- Azerbaijan Amelioration and Water Resources Open Joint-Stock Company

- “Azerkosmos” Open Joint-Stock Company

- “International Bank of Azerbaijan” Open Joint-Stock Company

- “Azer-Turk Bank” Open Joint-Stock Company

- “Azeristiliktechizat” Open Joint-Stock Company

- “Clean City” Open Joint-Stock Company

The following bodies under the Ministry of Transport, Communications and High Technologies of the Republic of Azerbaijan:

- “Baku International Sea Trade Port” Closed Joint-Stock Company

- “Aztelekom” Limited Liability Company

- “Azerbaijan International Telecom” (AzInTelecom) Limited Liability Company

- “Azerpocht” Limited Liability Company

- “Baku Telephone Communication” Limited Liability Company

-  State Insurance Commercial Company of the Republic of Azerbaijan.

Except as otherwise provided by the President of the Republic of Azerbaijan, the powers provided for in the Charter of Azerbaijan Investment Holding to manage the listed state-owned companies and enterprises, as well as business entities with a share of state capital shall be transferred to AIH from the date of transfer of these state-owned enterprises to the management of AIH.

The costs of organizing and maintaining AIH are funded from the following sources:

• at the expense of the state budget for the first 3 years (taking into account the funds allocated to the authorized capital of AIH).
• by paying 20% ​​of the annual net profit of state-owned enterprises to AIH.
• from other sources not prohibited by law.

The Cabinet of Ministers was tasked with preparing proposals on bringing the acts of the President of the Republic of Azerbaijan in line with this Decree and submitting them to the President within three months. Also, compliance of normative legal acts of the Cabinet of Ministers with this Decree must be ensured within 3 months and the President of the Republic of Azerbaijan must be informed. The Cabinet of Ministers will monitor the compliance of normative legal acts of the central executive bodies with this Decree and will inform the President of the Republic of Azerbaijan about its implementation within 5 months.

The Ministry of Finance shall provide the funds required to organize and maintain AIH in the draft state budgets for the coming years in accordance with Sub-Paragraph 2.2.1 of this Decree.

Prior to the transfer of the listed state-owned enterprises to the management of AIH, it shall submit proposals on the advanced corporate management principles and improvements to AIH within two months.

The Ministry of Justice shall ensure the compliance of the normative legal acts and executive legislation of the central executive bodies with this Decree and accordingly inform the Cabinet of Ministers of the Republic of Azerbaijan.