Authorized capital of SOCAR-STP joint venture increased by 10%

16:14 - 28.02.2024

February 28, Fineko/ The authorized capital of SOCAR-STP LLC, a joint business of the State Oil Company (SOCAR) and the Sumgait Technological Park, has been increased up to 21.66 million manats.

ABC.AZ reports that company’s authorized capital was increased by 1.97 million manats or 10.0%.

Joint venture SOCAR-STP LLC was established in April 2020. The JV manages the production, which includes the largest mechanical equipment workshop in the CIS and a heavy crane plant. Currently, 8.5% of the authorized capital belongs to SOCAR, and the remaining 91.5% belongs to STP.

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