AZERBAIJAN AUCTIONING OFF GASOLINE STATIONS.

The first auction of state-owned gasoline stations is being held in Baku today. Approximately 800 stations are to be privatized for cash under the program. The revenue is expected to accrue partly to the state budget and partly to a specially created fund for post-privatization support of the new owners, mainly through creating a market infrastructure. (Petroleum Information Agency, March 25). Until now a monopoly of the State Committee for Fuel, this sector of the oil industry (with its highly lucrative potential) has been singled out for early privatization as a major component of Azerbaijan’s nascent private sector. Storage facilities and the wholesale gasoline trade are, however, likely to remain under the control of the State Oil Company of Azerbaijan (SOCAR), which also controls oil extraction and refining.

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