SOCAR, ASAN to support small-scale business

21 October 2016 16:46 (UTC+04:00)

By Nigar Abbasova

Azerbaijan’s state energy giant SOCAR will cooperate with ASAN Service in the spheres of education, environmental protection, ICT, and support  to small-scale business.

The relevant agreement was signed by SOCAR President Rovnag Abdullayev and ASAN Chairman Inam Karimov in Baku on October 21. The document also envisages cooperation between SOCAR and ABAD Service on the support of small-scale business.

Abdullayev, addressing the signing ceremony, said SOCAR and ASAN enjoy a close cooperation, while the agreement will give an impetus to implementation of new joint projects aimed at socio-economic development of the country.

He said that some $ 68.2 billion have been so far invested in the oil sector of the country.

Karimov, in turn, said that the main objective of ABAD Service is provision of support to small scale enterprises in entering foreign markets, by means of rendering assistance in packing, design, marketing and logistics.

He mentioned that talks on joint projects are currently underway with foreign financial institutes and local investors.  

ASAN service, an innovative Azerbaijani model of public service delivery, was established upon the presidential decree in 2012.  The service reduces extra expenses and loss of time increases transparency and strengthens the fight against corruption.

The decree on formation of ABAD public legal entity under the State Agency for Public Service and Social Innovations, was signed on September 23, 2016.

The main aim of ABAD Service is based on implementing projects that support small and medium enterprises and establishing fund to finance these projects, identifying the exact target group and creating proper conditions for use of modern technological equipment for agriculture products, assisting in preparation of business plans and organizing of various functional services as well as organizing certification of produced products on the basis of “one window” principle.

SOCAR includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerkimya (the chemical enterprises) and Azerigas (distributor of gas) as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.

SOCAR’s assets currently stand at 40 billion Azerbaijani manats ($ 25.04) its share capital is 13.5 billion manats ($ 8.4) and authorized capital is 1.6 billion manats ($ 1.01).


Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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