Azerbaijan set to establish new legal entities under SOCAR - decree
Azerbaijan is set to roll out new legal entities under the umbrella of the State Oil Company of Azerbaijan (SOCAR), Azernews reports.
This step is part of a presidential decree issued by the President of the Republic of Azerbaijan, Ilham Aliyev, to implement the “Licenses and Permits” law and regulate related matters.
Under the decree, SOCAR is required to establish separate legal entities by January 1, 2027, to manage gas transmission, distribution, storage, wholesale, import, and retail operations. The company must ensure the application of advanced corporate governance principles in these entities, including the formation of supervisory boards, and report the progress to the president.
The initial triad of segments within the decree is slated to activate on the first day of January in the year 2026. President Ilham Aliyev has ratified the decree to facilitate comprehensive compliance with the statutory provisions.
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