Azerbaijan's Tax Ministry registers SOCAR-STP joint venture

  06 April 2020    Read: 975

Azerbaijani Ministry of Taxes registered SOCAR-STP LLC, which was jointly established by SOCAR and Sumgait Technology Park (STP) LLC, on April 3, reports.

The authorized capital of the company is to 1.7 million manat ($1 million).

According to the report, the new company has the same legal address as PASHA Holding: 153 Neftchilar Avenue, Baku, Nasimi district, Azerbaijan.

The new joint venture will manage the manufacturing of heavy cranes and a large workshop of mechanical equipment in the Commonwealth Independent States (CIS).

The main activity of the joint venture will be maintenance and repair work of heavy cranes, gushing, Advanced Parts Solution (APS), drilling equipment and well completion.

Sumgayit Technologies Park is part of Azerbaijani Azenco company, which is engaged in the construction of facilities in the energy sector. The area of ​​the park is 250 hectares. STP was created with the objective to implement large infrastructure projects in the industrial sector of Azerbaijan.

Azerbaijani State Oil Company SOCAR and Sumgayit Technologies Park have signed an agreement on the establishment of SOCAR-STP joint venture on February 20.

STP's residents include 12 plants and 30 production sites.

($1 = 1.7 manat on Apr. 6)

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