Telecom firm Azeurotel granted to state control
BAKU – Azeurotel, a firm that has operated in Azerbaijan’s telecom market for 16 years, has been fully transferred to the communications ministry, the company said in a statement.
The joint venture was founded in 1995 by the communications ministry and the UK-based Lukoil Europe Ltd with equal stakes. The phone company, which has 27,000 users, has faced financial constraints in past years and the company’s debt surged, which made it no longer attractive for investors. Although the company was put up for privatization, it has never changed hands.
Since Lukoil Europe has shut down, it has given up its stake in the Baku-based telecom firm.
In a bid to prevent bankruptcy and ensure that Azeurotel stays afloat, the communications ministry decided to reorganize the company by granting it to the management of the ministry’s Baku Telephone Communications Production Association.
Jabit Rasulov has been appointed as the new company’s head, succeeding Nuru Ahmadov.
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