Azerbaijani president signs decree entrusting management of Southern Gas Corridor to SOCAR

Azerbaijani President Ilham Aliyev has signed a decree on amendments to the presidential decree dated February 25, 2014 “On some measures related to the second stage of exploitation of Shah Deniz gas condensate field and other projects on creation of the Southern Gas Corridor”.

According to the document, in order to ensure preemptive rights of the State Oil Company of Azerbaijan (SOCAR) in the management of Southern Gas Corridor CJSC, 2 per cent of the state-owned shares in the authorized capital of the Southern Gas Corridor will be transferred to SOCAR, Caliber.Az reports, citing Azertag.

As a result, SOCAR's share in the Southern Gas Corridor will rise to 51 per cent, while the state's share will remain at 49 per cent.

The Ministry of Economy has been tasked with taking necessary actions to address any issues arising from this adjustment.

The decree is effective immediately upon signing, marking a significant shift in the management structure of the Southern Gas Corridor project.