“Azmethanol” assets estimated 800 mln AZN

Baku. 17 January. REPORT.AZ/ Azerbaijan Methanol Factory (AzMeCo) hasn’t been yet legally incorporated into SOCAR.

Report informs, Vice-President on Economic issues of State Oil Company of the Azerbaijan Republic (SOCAR) Suleyman Gasimov told reporters.

“In early January, Cabinet of Ministers decided to sell “Agrarcredit” non-bank financial organization to SOCAR without any auction. As you know, Cabinet of Ministers issued proper order, envisaging conduction of joint assessment with SOCAR and completion of purchase and sale procedures. This operation was completed in summer. But in accordance with requirements of legislation in force, “Agrarcredit” filed a lawsuit after this assessment and called back those assets from “Azmethanol”. Then “Agrarcredit” should be sold itself through auction or sell it directly with new order. Documents related to direct sale have been signed recently; all legal procedures have been completed”, S.Gasimov told.

According to him, 416 mln AZN old debt of “Azerenerji" OJSC to SOCAR will be transferred: “Our lawyers are conducting works together with specialists of “Agrarcredit” starting this week. This money is in SOCAR and waiting for this purpose; it will be transferred as soon as purchase operation is completed. Next payments have also been agreed; it will be covered by new debt of “Azerenerji” - unpaid charges in 2015”. According to him, this issue was reflected in decision of Cabinet of Ministers.

S.Gasimov noted that “Azmethanol” was assessed 520 mln USD: “But the assessment was made with old exchange rate. Court placed offer for “Agrarcredit” in manats, which makes up 800 mln AZN. SOCAR manages it”.

The factory keeps on operations.