SOCAR's share in Southern Gas Corridor CJSC increased

President Ilham Aliyev has amended the decree on relevant measures related to the second stage of the operation of the Shah Deniz gas-condensate field and establishment of the Southern Gas Corridor with regard to other projects dated February 25, 2014, Report informs.

According to the amendment, the state's (Ministry of Economy) share in Southern Gas Corridor CJSC, which is responsible for implementing these projects, has been reduced from 51% to 49%, while SOCAR's share has been increased to 51%.

This decision was made to ensure SOCAR's controlling rights in the management of the company, which is required for full consolidation of Southern Gas Corridor CJSC's financial results in SOCAR's financial statements.

The Ministry of Economy has been instructed to take necessary measures to resolve issues arising from this decree. This decree comes into force from the day of its signing.