Document from CIS Legislation database © 2003-2024 SojuzPravoInform LLC


of January 24, 2003 No. 844

About enhancement of structure of the State Oil Company of Azerbaijan Republic

(as amended on 28-12-2022)

After finding by the Azerbaijan Republic of the state independence of one of the major tasks there was carrying out reforms in economy and public administration. Forming in the country of the relations of market economy and creation of the controling mechanism meeting modern standards required carrying out radical restructurings.

In recent years the important steps directed to increase in efficiency of public administration, regulation of economy on the basis of the new principles were taken. Structures of the numerous ministries, the state committees, the companies, concerns and other structures were reviewed, powers of the operating central executive bodies are brought into accord with requirements of market economy, the new institutes having necessary functions are created.

The performed reforms covered all spheres of economy and public administration and promoted creating favorable conditions for approval of the principles of market economy, creation of ample opportunities for economic initiative, providing reliable social position of people and privatization of state-owned property. The state made specific decisions and performed measures concerning each of the listed directions.

Historically the basis of the economy of Azerbaijan was constituted by the oil and gas industry, and one of the most important achievements of our country consisted in creation in this industry of powerful scientific and technical and personnel potential, wide infrastructure. This industry turned into the leading factor of economy, special attention was constantly paid to its development.

Recently were pushed and the new oil strategy and the doctrine representing fatal value for progress of our republic are successfully performed.

Having signed on September 20, 1994 "The contract of century", Azerbaijan for the first time in the region together with a number of the known companies of the world started operation of the oil and gas fields belonging to it. The carried-out work gave powerful impulse to growth of the authority of the country on the international community, integration of commercial ties.

The oil and gas complex did not remain away from the reforms undertaken in the sphere of economy and public administration. So, for the specified interval of time for the purpose of increase in effective management of the State Oil Company of Azerbaijan Republic changes repeatedly were made to its structure, the existing infrastructure was enhanced. One of the major steps was creation on April 18, 2001 the Presidential decree of the Azerbaijan Republic of the Ministry of Fuel and Energy of the Azerbaijan Republic. At the same time for the purpose of providing the direction of income gained from the joint development of oil fields which is one of the priority directions of state policy on economic and social progress of the country on December 29, 1999 the State oil fund of the Azerbaijan Republic was created.

As a result regularly and systematically undertaken economic reforms according to "the II State program of privatization of state-owned property in the Azerbaijan Republic" based on the Order of the President of the Azerbaijan Republic of March 22, 2001 "On privatization of the companies of fuel and energy complex" the decision on privatization of 68 companies of the State Oil Company of Azerbaijan Republic which are directly not engaged in production and oil refining was made, and they were transferred to the order of the State committee on property questions.

The done serious work allowed to perform radical reforms more reasonablly. At the same time there was need for acceptance of number of additional measures for this area, bringing methods of management to qualitatively new level meeting international standards.

Due to noted for the purpose of more rational use of oil and gas resources of the republic, complete ensuring needs of internal consumption and the export potential, thorough strengthening of financial discipline of the companies which are part of fuel and energy complex, consecutive creation of their activities according to the principles of market economy and application of new management structure of the State Oil Company of Azerbaijan Republic providing implementation of these tasks, I decide:

1. Approve the Charter of the State Oil Company of Azerbaijan Republic (Appendix I - is applied).

2. Approve Structure of the State Oil Company of Azerbaijan Republic (Appendix II - is applied).


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