OREANDA-NEWS. July 21, 2009. By a decree from 20 July President Ilham Aliyev of Azerbaijan has endorsed additions and amendments to Decree #844 “On improvement of structure of State Oil Company of Azerbaijan (SOCAR) issued on 24 January 2003. SOCAR charter capital of USD 750 million has been announced for the first time in accordance with the decrees.

The decree says that now the Company operates on the basis of consolidated balance and its commitments are guaranteed by its property.

The decree specifies that Company’s head office is located in Baku.

Besides, SOCAR charter capital of AZN 600 million belonging fully to the government has been announced first time as well. It was also introduced the idea of the SOCAR’s Board to make all the collegiate decisions. The decree also approved establishment of the Audit Committee, the Risk Management Committee, and the Committee for Purchases.

In addition, production association Azeriqaz was set up in SOCAR structure (in connection with including of the national gas operator in SOCAR). Simultaneously institutes Neftqazelmtedqiqatlayihe (Institute of Oil & Gas Scientific & Research Projects) and Neftqazlayihe (Oil & Gas Project) have been withdrawn from SOCAR structure.