BP's distributor Petrochem Group reduces charter capital nearly threefold

Petrochem Group LLC has announced that it has reduced its charter capital by 8.6 million manats ($5.1 million), or approximately 2.9 times, decreasing it from 13.1 million manats ($7.7 million) to 4.6 million manats ($2.7 million), Report informs, citing the Vergilər newspaper of the State Tax Service under the Ministry of Economy.

Founded in 1993, Petrochem Group is the exclusive distributor of BP lubricants in Azerbaijan. The company also provides inventory management, demand planning, and expert consulting services for facilities associated with the Azeri-Chirag-Gunashli (ACG) and Shah Deniz oil and gas fields, as well as the Baku-Tbilisi-Ceyhan (BTC) and South Caucasus (SCP) pipelines.