Baku International Sea Trade Port established in Azerbaijan

President of Azerbaijan Ilham Aliyev has established the Baku International Sea Trade Port CJSC. In accordance with the order, shares of the CJSC are owned by the state and the state is entitled to provide port services in the Baku area of the Caspian Sea.

Only the President can reform the CJSC, abolish it or appoint/dismiss the Director General. The leader of the state has already used his authorities to appoint Taleh Ziyadov to the post of Director General of the Baku International Sea Trade Port, abc.az reports.

The Cabinet of Ministers has the right to establish the charter, determine the charter capital of the CJSC and define directions of its development, as well as approve its annual reports and make decisions on profit/losses.

The Ministry of Transport is entitled to sanction deals amounting to more than 25% of the CJSC’s net assets and appoint/dismiss the Deputy Director General.

In accordance with the order, the Cabinet of Ministers should submit the draft charter and solve the issue of funds allocation for the CJSC capital from the budget within the two months. Within a month the CJSC should get 400 hectares of land in the settlement of Alyat for permanent use, together with the commissioned facilities of the new Baku International Sea Trade Port.