Privatization of SOCAR is now out of question

Baku, February 1, AZERTAC

“In the current situation, the privatization of SOCAR is not on the agenda,” Azerbaijan’s Energy Minister Natig Aliyev said. He pointed out that SOCAR plays an important role not only in the economy of Azerbaijan, but also influences the country’s foreign policy.

The minister emphasized that the energy sector should focus on privatization of auxiliary enterprises. “The distribution network in the energy sector is very old. In this network there are large losses, and privatization requires large investments,” Aliyev said. The minister explained that modernization of distribution system will require about 4 billion US dollars and this process should involve large companies.

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