Azerbaijan Investment Company sells stake in two projects, minister says
Azerbaijan Investment Company (AIC) is selling its stake in two major projects, head of the Supervisory Board, Minister of Economic Development Shahin Mustafayev told Trend news agency.
"The AIC main purpose is to successfully participate, along with local and foreign investors, in the projects on priority areas of the non-oil sector," he said. "We reached the goal in two projects."
He said that the AIC is selling its stake to other shareholders in Azerduz Production Association and Oil and Gas Terminal Sangachal-Garadagh.
"The main shareholders buy the AIC share in the salt production plant and terminal complex in Garadagh," he said. "These projects are profitable and the shareholders are pleased with this."
Azerduz was established by Azersun Holding and AIC. The investment company has invested $ 2.9 million in this project and acquired a stake in Azerduz's share capital to the amount of 25 percent. A total amount of investments in the plant construction is 10 million manat.
The Oil and Gas Terminal Sangachal-Garadagh project was also implemented with Azersun Holding. AIC acquired 25 percent of the company's share capital, by investing $9 million.
AIC was founded upon the President's order as of March 30, 2006.