Lukoil quits Azeri telecom firm
BAKU – Russian oil giant Lukoil has turned down its 49 percent stake in the Baku-based telecom firm Azeurotel, deputy communications minister Iltimas Mammadov has said.
According to him, Lukoil, one of the company’s co-founders, has formally informed the Azerbaijani government that it was giving up its shares. This grants Azeurotel to the sole ownership of its other co-founder, Baku Telephone Communications Production Association.
Mammadov said no funds were paid to acquire the stock and Lukoil merely handed over its shares in the company.
He added that Azeurotel has not been profitable and was in debt prior to the merger with Lukoil.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!