Baku: President Ilham Aliyev of Azerbaijan has issued a decree formally dissolving the State Contract Corporation “Azerkontrakt” OJSC. The decree assigns the State Oil Company of Azerbaijan Republic (SOCAR) to take over the duties previously managed by Azerkontrakt, including the procurement, transportation, distribution, and sale of natural gas within the country.

According to Trend News Agency, the dissolution of Azerkontrakt is part of a restructuring of the energy sector in Azerbaijan. The responsibilities of Azerkontrakt, which primarily involved handling the country’s natural gas resources, will now be managed by SOCAR, Azerbaijan’s leading state-owned energy company. This move is seen as an effort to streamline operations and improve the efficiency of the energy sector in Azerbaijan.

The full text of the decree, which outlines the specifics of the transition and the responsibilities SOCAR will inherit, is available through the linked document provided in the original announcement. This restructuring
is anticipated to have significant implications for the natural gas market in Azerbaijan, affecting everything from procurement to consumer sales.