Baku Oil Machine-Building Plant privatized


June 19, Fineko/abc.az. The State Property Committee continues work on expansion of production at heavy industry enterprises that have been idle or have not worked at full capacity for a long time.

Thus, the winner of the tender for sale of shares of the Baku Oil Machine-Building Plant, announced by the Committee, is already known.

In accord with the terms of the tender the winning investor has undertaken to transfer AZN 4.7 million to the State Budget and implement an investment program for AZN 10.2 million manats.

In addition, the Company undertook to pay the debt of the state wage fund in the amount of AZN 1.9 million, about AZN 115,000 of wages and fulfill other socio-economic obligations.

During the year the investor plans to create 165 new jobs and strengthen the social security of employees as a result of investing the above-said investments in the plant.