Azerbaijan Alumunium Open Joint Stock Company (OJSC) is set to be liquidated as part of a strategic restructuring of the nation's industrial sector. Operative Information Center-OMM reports that this decision was formalized in a decree signed today by President Ilham Aliyev regarding measures to ensure the development of the mining (metal ores) and metallurgy industries in Azerbaijan.
Under the terms of the decree, the Ministry of Finance has been instructed to ensure the repayment of Azerbaijan Alumunium's verified debts to non-state organizations. These payments are to be facilitated through the state budget of Azerbaijan or other legally provided financial sources within one month of the submission of relevant supporting documents. Furthermore, the Azerbaijan Investment Holding has been tasked with taking all necessary measures to resolve issues arising from this order, while the assets of the liquidated entity will be transferred to the balance of Azeraluminium LLC.
The Cabinet of Ministers is mandated to oversee the settlement of creditor debts and the cancellation of long-term liabilities. This includes debts for which a 25-year payment moratorium was granted under a presidential decree dated March 31, 2001, as well as obligations to the Guarantee Fund for State Debt and Guarantees. Additionally, tax obligations will be terminated in accordance with the Tax Code. This restructuring aims to streamline the metallurgy sector in Azerbaijan, enhancing efficiency and consolidating state-owned industrial assets under modern management frameworks to support the country's non-oil economic growth.
