Shortly after the Soviet Union collapse, the former socialist countries, including Azerbaijan have geared their economies towards integration into free market economy.
Obsolete technologies and floundering industrial units inherited from the system of centralized socialist economy did not meet the requirements of free market economy. Many of them had to close down due to changing market conditions; the others could maintain only half of their production capacities. The transition process brought severe unemployment and recession climate in the country.
Right up until 1993, Azerbaijan had practically no enterprises operating in the food manufacturing industry. Around this time the government laid down a new policy of privatization of industrial units. The influx of foreign investment drawn in the country's economy saw a sudden increase in the early 90s. Mr Abdolbari Goozal happened to be among those foreign businessmen interested in investing in Azerbaijan. Shortly after his first visit to Azerbaijan he opened a local branch office of the Intersun Group of Companies in Azerbaijan. As a result of successful activities this office later expanded into a group of leading companies in the food sector.
In 1982 he started a trading company headquartered in the capital of Turkey, Ankara. Known as Etsun JSC, the company has grown into a large group of companies which maintains close ties with 19 companies in 11 countries around the globe.
The export earnings of Etsun, one of the Group companies, reached over 65 million dollars in 1996. Later, the headquarters of the group were moved to the United Arab Emirates where the company started operating under the name of Intersun.
The Intersun Group cooperated with Unilever in the field of production and supply of vegetable oil Teksun till 1994. In 1994 Intersun opened a number of local branches in Azerbaijan which came later as Azersun Holding. Since then Azersun Holding has grown into the affiliate company within the Intersun Group across the CIS countries with the focus on the local market in Azerbaijan. The company's annual tax payments allocated for the state budget constitute 10 million US dollars. The company has provided more than 3 thousand people with steady employment opportunities.
Another affiliate company within Intersun was set up in Georgia under the name of F&C Company in the beginning of 1990. The company is specialized in the promotion of Azersun Holding products in the Georgian local market.
Azersun Holding has been the first foreign private company in Azerbaijan's food industry to incorporate several enterprises under its control pioneering the concept of a group of companies in the country.
The history of the oil factory goes back to 1938 when it was used as a warehouse for oil products. On August 25, 1952 it was transformed into the Baku Margarine Factory. With the creation of the additional Alfa-Laval and De Smet lines in 1969 and in 1976, the factory significantly increased its production capacities. The factory continued its production of margarine and vegetable oil up until 1994.
With the collapse of the Soviet Union most of the industrial areas across the country saw a sudden halt. The Baku Margarine Factory, one of the leading factories in the oil producing sector in the Soviet times, was privatized. In line with the state developed program the factory underwent profound maintenance works. On 2 May, 1994, the factory was partially privatized by Intersun, whereas the other part officially remained under the control of the state. On May 3, 1996 the factory was renamed into Caspian Vegetable Oil Factory. Around that time the factory commenced refurbishment and reconstruction works. Old lines have been repaired and on 31, December, 1997 the factory resumed its operation under the name of Baki Yag ve Qida Sanaye.
In 1996 Azersun Holding has incorporated a tea packaging factory in the area of Sabunchu district. Sun -Tea Azerbaycan maintains fully equipped modern factories which have the daily production capacity of 70-80 tonnes of green tea.
In response to the packaging needs of the Group companies, in particular in tea sector, the Group set up a cardboard factory in 1996. This factory was first founded in 1970 in the area of Absheron and received wide acclaim under the name of Baki Karton Tara. The factory was commissioned again in 1996 after long years of stagnation and today it enjoys reliable partnership ties with Kahramanmaras Kag?t Sanayi which was founded in 1996, considered one of the largest enterprises in the Turkish paper industry. The factory products have won a high recognition across the former Soviet Union states.
With a company growing in size and stature stands forth the need to set up a local banking operation. Thus came into being the Capital Investment Bank (CI Bank). The bank was created in the Sabail district of capital, was licensed by the National Bank of the Azerbaijan Republic on September, 28th, 1996. The bank capital amounts to 1 million 250 thousand US dollars. The primary purpose behind this initiative is to conduct consultations on a wide range of issues with businessmen holding investments or planning to invest in Azerbaijan in the near future and promote their business activities in the country. In response to the growing demand in the securing the company-owned real estate property in 1996 the insurance company CI Sigorta was set into operation jointly with CI Bank. The company received the license of the Azerbaijan State Insurance Control in 1997, and began the activity with the initial investment capital of 250 thousand US dollars.
Azersun Holding together with Petrol-Trans are engaged within the oil transportation industry. Since 2002, Azersun Holding has carried out 95% of these works through Middle East Petroleum affiliated with the transportation of oil into and out of Dubendi terminal.
The sponsorship of the Qarabagh football club is another dimension of the company's corporate social strategy. The Qarabagh Aghdam club has been supported by the company since 2000, Today it is well known as Qarabagh FC.
Azersun Holding is poised for leadership in the production of food products across Iraq, in the Middle East and the CIS countries. Azersun Holding and its subsidiaries hold certificates of the International Organization of Standardization ISO 9000 and continue to live up to people's trust and expectations offering the best quality products and services in the market.