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. Last Updated: 07/27/2016

Azerbaijan Merger

BAKU, Azerbaijan -- zeri President Heidar Aliyev has decreed the merger of three of the ex-Soviet republic's metallurgical plants into a single joint stock company, the state press said this week.

The new enterprise, to be called Azeralyuminii, will unite the Sumgait Non-Ferrous Metals plant, Ganga Alumina and Zeylinsky bauxite mining company, with 100 percent of shares belonging to the government initially.

State-run newspaper Bakinskiy Rabochiy said the Privatization Ministry would start negotiations with foreign investors and companies interested in managing Azeralyuminii.

Avtandil Musayev, head of the machine-building and metallurgy department at the Economy Ministry, said the enterprises have total debts of over $30 million.