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Azerbaijani Ministry of Transport announces privatization of number of railway services

Baku, Fineko/abc.az. The Azerbaijani Ministry of Transport announces start of privatization of number of railway services.

Ziya Mammadov, the ministry of transport, state that establishment of  Azerbaijani railway (ADY) CJSC was connected with a wish to bring the sector up to international standards.

“In prospect, privatization of a number of services in railway sector is possible as well,” Z.Mammadov said.

In 2010 it is planned to allocate $700-800 million in development of railway.

ADY was established by order of Azerbaijani president Ilham Aliyev, dated 20 July, and Arif Askerov appointed (earlier he headed the department of Azerbaijan State Railway Company (ADDY) the ADY chairman by the order dated 23 July.

The decree on 20 July says that the Cabinet Ministers was authorized to endorse the ADY Charter and structure, define size of its charter capital, directions of activities, appointment or dismissal of heads of resident offices, branches or other offices having status of legal entity of ADY organizations, approve ADY annual report, profit and loss budget, approve net assets of ADY’s deals exceeding 25%. The State Committee for Property Affairs is to undertake making of decisions concerning opening or liquidation of the ADY resident offices, branches and other offices, management of issues of ADY general meetings in accordance with the Civil Code. The Azerbaijani President will take decisions on appointment/dismissal of ADY chairman and his deputies.

The decree also commissions the Cabinet to endorse during two months the ADY Charter and structure after their coordination with the President’s Office and submit Draft State Programme of Railway Transport Development to the President.

The Ministry of Taxes and State Committee for Property Affairs are to undertake state registration of the newly-established company.

ADY is created on the basis of Azerbaijan State Railway Company (ADDY).

As of 1st January 2009 former ADDY received AZN 58.25 million of net profit (or $72.72 million in accord with rate of AZN 0.801 to the US dollar), while overall turnover reached AZN 190 million.

AZN 65.4 million of overall earnings was directed for payment of wages, AZN 16.1 million for transfers to the State Social Protection Fund and AZN 32.5 million for transfers to the State Budget. AZN 54.2 million was spent on power, fuel and water utility charges. ADDY carried 27.4 million tons of oil in 2008, including 6.6 million tons inside the country. Transit oil carriage reached 4.4 million tons.

 


30.07.2009 14:45


   


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