Gov't to sell shares in Azercell, Bakcell by year-end

Azerbaijan will sell state-owned shares in mobile phone operators Azercell, a Turkish-Azerbaijani JV, and Bakcell, an Israeli-Azerbaijani JV, by the end of 2003, Minister for Economic Development (MED) Farhad Aliev told journalists on Tuesday.

"We are currently assessing the government's stakes in these joint ventures, as we will offer the shares to foreign partners after the evaluation is over. If they refuse, the shares will be put on sale in an investment tender or privatized in another way," Mr. Aliyev said.

Both companies have submitted the necessary documents for evaluations to the MED.