Two ships to go for sale at privatization auction

Azerbaijan’s State Committee on Property Issues will hold another auction for the privatization of state property on March 28, the agency said on February 20.

The auction will feature 76 state objects, including 48 small enterprises, 20 joint stock companies, and eight vehicles, two of which are ships.

Thus, the vessels of Azerbaijan Caspian Shipping Company at the cost of 30,000 manats ($16,800) and of the Ministry of Ecology and Natural Resources for 10,000 manats ($5,600) are put up for privatization.

The smallest enterprises and non-residential objects are offered for privatization together with the land on which they are situated. They are located in the Garadagh, Yasamal and Binagadi districts of Baku, cities of Ganja and Sumgayit, as well as in Kurdamir, Imishli, Guba, Ismayilli, Shaki and Masalli regions of Azerbaijan.

The most expensive object offered for privatization together with the land is a non-residential building with a starting price of 561,000 manats ($314,000) in Nasimi district of Baku. Other expensive objects are a non-residential area in Sabail district, warehouse in Garadagh district, and Lachin restaurant in Sumgayit.

As for joint stock companies, only 30-45 percent of their shares will be exhibited for sale. These companies operate in construction and repair, cotton, poultry, agricultural chemistry, transportation and other spheres. The cost of one share of these companies varies from 0.5 to 2 manats ($0.28-1.12).

The third stage of privatization in Azerbaijan started in the framework of the presidential decree dated May 19, 2016. Under the decree, the acceleration of the state property privatization process has been defined as an important direction of the economic policy.

The portal for privatization – privatization.az, launched in July 2016, reflects all necessary information about the facilities, their addresses, location, and even initial cost and aims at facilitation of the process. The website is available in two languages - Azerbaijani and English. “Why Azerbaijan is special” section available on the website explains the reasons and advantages of investing in the country.

The privatization process is designed to attract both foreign and local investors, as well as improve the business environment of Azerbaijan.