NEQSOL Holding

NEQSOL Holding is an international group of companies. Most companies of the group are active in the fields of energy, telecommunications, construction and high-tech.[1]

It was founded by Azerbaijani Nasib Hasanov.[2] The holding first started in the oil and gas sector, and then expanded to additional fields of activity. The holding now includes Vodafone Ukraine, Bakcell, Caucasus Online, Nobel Oil Group, Nobel Upstream, Norm Cement.[3]

Industries

Oil and gas

NEQSOL Holding's oil and gas activity is concentrated within two companies registered in the UK: Nobel Oil E&P (known as Nobel Upstream)[4] and Nobel Oil Services (now Nobel Energy).[5]

The latter decided to change its name to Nobel Energy in the framework of a rebranding in December 2021.[6][7] The Nobel Oil Group is a corporate group operating primarily in Azerbaijan, in the US, and in the UK. The company provides integrated operating services in the oil and gas sector. This group was founded by Nasib Hasanov in 2005, and later became Nobel Upstream and Nobel Oil Services in 2014.[8]

Construction

The company owns Norm Cement, a construction-based company launched in 2006. Norm is the largest cement producer in the South Caucasus region.[9]

Telecommunications
  • Bakcell

NEQSOL Holding acquired Bakcell in 2005. The company provides telecommunication (voice and mobile internet) services. It had around 2 million customers in 2010.[10]

  • Vodafone Ukraine

Vodafone Ukraine (formerly MTS Ukraine) is one of the holding's main subsidiaries. It is the second-largest mobile operator in Ukraine with around 20 million users.[11] In October 2015 Mobile TeleSystems and Vodafone expanded their 2008 strategic partnership; this resulted in the rebranding of MTS Ukraine to Vodafone Ukraine.[12] In 2019, NEQSOL Holding acquired 100% of Vodafone Ukraine.[13][14][15]

This acquisition of Vodafone Ukraine was made through Backcell. It was previously owned by MTS belonging to Vladimir Yevtushenkov.[16]

Vodafone Ukraine keeps working under the British Vodafone brand.[17]

In September 2021, NEQSOL appointed Vasyl Latsanych as its Head of Telecom Department and in 2023 as chairman of Vodafone Ukraine Board.[18][19]

Since the beginning of the War in Ukraine in February 2022, Vodafone Ukraine experienced a decrease in the net value of assets and significant costs related to the military conflict in Ukraine.[20][21]

Vodafone Ukraine declared that rebuilding all the telecommunications infrastructures damaged during the war will cost more than 50 million dollars to the company (as of May 2022),[22] and a decrease in the number of its clients.[23][24]

  • Caucasus Online

In 2019, Nasib Hasanov purchased 49% of Caucasus Online. In 2021, NEQSOL Holding purchased the remaining 51% of Caucasus Online from former owner Khvicha Makatsaria.[25] The Georgian National Communication Commission (GNCC) tried to oppose the transaction but the arbitration tribunal dismissed[26] the Georgian authorities’ request and allowed the acquisition by NEQSOL Holding.[27]

Caucasus Online was established in 2006 through the merging of three main Internet Service Providers (ISP): Caucasus Network, Georgia Online and Sanet. Telenet merged with Caucasus Online in 2008.[28] Caucasus Online owns 1.200 km of fiber cable across the Black Sea (the Caucasus Cable System).[29]

Digital Silk Way

The Digital Silk Way is a project aiming at connecting Europe and Asia through a telecommunications corridor.[30] It was initiated in 2018 and is being implemented by AzerTelecom, one of the holding's subsidiaries.[31]

The project plans to expand the telecommunications network in the region, especially connections in the Caspian Sea region including in Azerbaijan, Georgia, Kazakhstan and Turkmenistan.

In 2020, the Digital Silk Way project was selected as one of Asia's top five infrastructure projects by the Global Strategic Infrastructure Leadership Forum held in the US.[32]

The digital infrastructure project was presented at the Dubai Expo organized in the UAE in 2022 at the Azerbaijan Pavillon.[33]

In 2023, in the framework of the Digital Silk Way project, AzerTelecom and Kazakhtelecom signed an agreement[34] to link both sides of the Caspian Sea through a subsea cable from Azerbaijan to Kazakhstan.[35]

Award

The company received the Brandon Hall Group HCM Excellence Awards on 23 August 2021.[36]

Humanitarian commitments

COVID-19 crisis in 2020

NEQSOL Holding has donated 1 million dollars in 2020 to fight against the spread of COVID-19 pandemic in Ukraine. The funds allocated were used to purchase medical equipment and systems needed by hospitals.[37]

Conflict in Eastern-Ukraine in 2020

In 2020, Vodafone Ukraine and the UNHCR provided free access to mobile communications to the most vulnerable populations in Eastern Ukraine: provided a connection to 2,489 conflict-affected persons.[38]

War in Ukraine in 2022

Together with 2 other mobile operators (Kyivstar of Veon and Lifecell of Turkcell), Vodafone Ukraine provided for free national roaming.[39] In addition, Vodafone Ukraine kept soldiers and civilians connected despite damages on the telecommunications infrastructures.[40]

At the beginning of the war, NEQSOL Holding and subsidiaries Norm and Bakcell participated in the help for repatriating Azerbaijani citizens from Ukraine.[41] They provided Azerbaijani citizens free flights from Ukraine, and helped to organize train evacuation.[42]

Turkyie-Syria Earthquake in 2023

Bakcell, one of NEQSOL Holding's subsidiaries, has sent equipment to Turkish civilians after the earthquake to help them stay in contact with their families despite the destruction caused by the natural catastrophe. The help includes 13 special installations (cost of 500.000 manats) dedicated to the most damaged areas.[43]

Azerconnect, one of NEQSOL Holding's subsidiaries, has donated 5 million Turkish Liras to the Agency for Natural Disasters and Emergency Situations (AFAD) of the Ministry of Internal Affairs of Turkey to support civilians, and victims of the earthquake in Turkey.[44]

References
  1. Stanly, John (23 September 2021). "This Diversified Company Has Grown Through Innovations". Entrepreneur. Retrieved 8 March 2023.
  2. "⚡NEQSOL Holding Wins Brandon Hall Group Excellence Award". LatestLY. Retrieved 8 March 2023.
  3. "Officially: Azerbaijani company Bakcell acquires Vodafone Ukraine for $734 million". AIN.Capital. Retrieved 8 March 2023.
  4. "NOBEL OIL E&P (UK) LIMITED overview – Find and update company information – GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 8 March 2023.
  5. "NOBEL ENERGY LIMITED overview – Find and update company information – GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 8 March 2023.
  6. "Nobel Oil Announces Major Rebrand". Trend.Az. 3 December 2021. Retrieved 8 March 2023.
  7. "У Nobel Oil ребрендинг в Nobel Energy". neftegaz.ru (in Russian). 2 December 2021. Retrieved 15 May 2023.
  8. Stanly, John (23 September 2021). "This Diversified Company Has Grown Through Innovations". Entrepreneur. Retrieved 23 March 2023.
  9. "Norm Cement organizes first International Concrete Conference in Azerbaijan (PHOTO)". Trend.Az. 2 July 2019. Retrieved 8 March 2023.
  10. "Bakcell customers top 2 million, CEO says". Azernews.Az. 24 September 2010. Retrieved 21 March 2023.
  11. "Communication in Times of Crisis: Story of Vodafone Ukraine". Infopulse. Retrieved 8 March 2023.
  12. "Vodafone купил телеком-активы донбасского магната". CNews.ru (in Russian). Retrieved 15 May 2023.
  13. "NEQSOL Holding объявила о подписании соглашения о приобретении Vodafone Украина за $734 млн". ITC.ua. Retrieved 8 March 2023.
  14. Wiel, Ken; 2022-09-01T16:05:00. "Vodafone Ukraine counts cost of war". TelcoTitans.com. Retrieved 8 March 2023.
  15. "Компания NEQSOL Holding, контролирующая азербайджанского оператора Bakcell, окончательно купила "Vodafone Украина"". gordonua.com. Retrieved 15 May 2023.
  16. "Officially: Azerbaijani company Bakcell acquires Vodafone Ukraine for $734 million". AIN.Capital. Retrieved 8 March 2023.
  17. Query, Alexander (25 November 2019). "Azerbaijan holding to buy Vodafone Ukraine for $734 million – Nov. 25, 2019". Kyiv Post. Retrieved 8 March 2023.
  18. "Vasyl Latsanych to lead NEQSOL Holding's telecoms division". Trend.Az. 20 September 2021. Retrieved 21 March 2023.
  19. "NEQSOL Holding announces the appointment of Vasyl Latsanych as the new Chairman of the Vodafone UA Board". Bloomberg.com. 26 January 2023. Retrieved 21 March 2023.
  20. "Vodafone Ukraine highlights effects of war in H1 report". www.commsupdate.com. Retrieved 8 March 2023.
  21. Wiel, Ken; 2022-09-01T16:05:00. "Vodafone Ukraine counts cost of war". TelcoTitans.com. Retrieved 8 March 2023.
  22. "Ukrainian mobile operator says rebuilding will cost more than $50 million". english.nv.ua. Retrieved 8 March 2023.
  23. "Потерять вышки и миллиарды, получить Starlink: как мобильные операторы возвращают связь". LIGA (in Russian). 16 May 2022. Retrieved 8 March 2023.
  24. ""Vodafone Україна" за 9 міс. скоротив дохід на 1% та отримав 620 млн грн збитку". Інтерфакс-Україна (in Ukrainian). Retrieved 8 March 2023.
  25. "Azerbaijani Neqsol Holding becomes 100% owner of Georgian internet provider Caucasus Online". Agenda.ge. Retrieved 8 March 2023.
  26. Newswire, Legal (27 July 2022). "ARBITRATION TRIBUNAL DISMISSED GEORGIAN AUTHORITIES' OBJECTION ON CAUCASUS ONLINE LEGAL DISPUTE". Legal Newswire. Retrieved 8 March 2023.
  27. "Nasib Hasanov v. Georgia, ICSID Case No. ARB/20/44 | italaw". www.italaw.com. Retrieved 8 March 2023.
  28. "MagtiCom in the running for Caucasus Online". www.commsupdate.com. Retrieved 8 March 2023.
  29. "Former Veon exec Latsanych to head Caucasus telecoms operation". Capacity Media. 1 October 2021. Retrieved 8 March 2023.
  30. "Digital Silk Way Project Comes into International Spotlight". caspiannews.com. Retrieved 8 March 2023.
  31. "Implementation of Digital Silk Way Project in Progress". caspiannews.com. Retrieved 8 March 2023.
  32. "Implementation of Digital Silk Way Project in Progress". caspiannews.com. Retrieved 8 March 2023.
  33. ""Digital Silk Way" project comes into international spotlight (PHOTO)". Trend.Az. 8 April 2022. Retrieved 8 March 2023.
  34. "Silk Way Project". ADH. Retrieved 8 March 2023.
  35. "Two fibres across Caspian Sea to form part of Digital Silk Way". Capacity Media. 11 January 2023. Retrieved 8 March 2023.
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  37. "Owner of Vodafone Ukraine to allocate $1 mln to fight coronavirus spread in the country". www.ukrinform.net. 31 March 2020. Retrieved 8 March 2023.
  38. "Vodaphone Ukraine and UNHCR cooperate to give free access mobile communication to the most vulnerable in East Ukraine". UNHCR. Retrieved 8 March 2023.
  39. Mauldin, William (15 January 2023). "Russian Strikes Sap Ukraine Mobile Network of Vital Power". Wall Street Journal. Retrieved 8 March 2023.
  40. "Ukraine war effort sustained by unbroken internet lifeline". Nikkei Asia. Retrieved 8 March 2023.
  41. "NEQSOL Holding commented on its support for evacuation of Azerbaijani citizens from Ukraine". Azernews.Az. 6 March 2022. Retrieved 8 March 2023.
  42. "NEQSOL Holding commented on its support for evacuation of Azerbaijani citizens from Ukraine". Retrieved 8 March 2023.
  43. "® Bakcell sends special telecommunication equipment to Türkiye". azertag.az. Retrieved 8 March 2023.
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