This Diversified Company Has Grown Through Innovations

NEQSOL Holding began business activities in the oil and gas sector in the 1990s

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As the world grows more interconnected, complex, and volatile by the day, businesses must constantly innovate to become and remain market leaders. This emphasis on innovation has been the driving force behind NEQSOL Holding’s success over the years. 


NEQSOL Holding was founded by Nasib Hasanov, an Azerbaijani businessman who began his business activities in the oil and gas sector in the 1990s. The story of NEQSOL Holding is a one of sustained growth, fuelled by a passion for innovation. The Holding, which now employs over 10,000 people across the world, was built through the gradual consolidation, integration, and acquisition of over 30 subsidiaries across various industries  

Nobel Oil was founded by Hasanov in 2005, offering services to the oil and gas industry in the Caspian region, and is now a subsidiary of NEQSOL Holding. In 2014, all business in the oil and gas industry were consolidated under two UK-based companies: Nobel Oil E&P (UK) Limited (trade name Nobel Upstream) and Nobel Oil Services (UK) Limited. NEQSOL Holding has since expanded its footprint in the energy industry by developing its own exploration and production capabilities.  

Today, the group owns oilfields in Azerbaijan, the USA, and the UK. The holding has successfully established several joint ventures with leading international oil and gas services companies such as KCA Deutag, Wood Group, and others. 

The Holding entered the telecommunications market in 2005 with the acquisition Azerbaijan’s first mobile operator, Bakcell. This marked NEQSOL Holding’s first foray into telecommunications: an industry with the potential to change lives and livelihoods by bringing connectivity and in turn economic opportunity. This desire to combine value creation with positive social impact has been at the heart of NEQSOL Holding’s mission since its inception. In line with this philosophy, the Holding launched the Digital Silk Way programme in 2018.  

The Digital Silk Way aims to develop a modern transit fibre-optic infrastructure network connecting Europe to Central and South Asian markets through Georgia and Azerbaijan. As part of this project, an underground fibre-optic cable is to be built to connect Azerbaijan and Kazakhstan through the Caspian Sea. In 2019, NEQSOL Holding secured an agreement to build a similar cable between Azerbaijan and Turkmenistan. The Digital Silk Way is a prime example of how innovation can deliver value for customers and shareholders, while also benefiting communities. Because innovation finds its true purpose in service to consumers, businesses, and society at large. In 2020, the Global Strategic Infrastructure Leadership Forum held in the US selected the Digital Silk Way project as one of the top five infrastructure projects in Asia. 

NEQSOL Holding further strengthened its telecommunications offering in 2019 with the acquisition of Vodafone Ukraine, the country’s second largest operator serving over 19 million clients. The Holding’s portfolio also includes Azerconnect and AzerTelecom. As the digital economy grows, NEQSOL Holding is working to ensure that Eastern Europe, the Caucasus, and Central Asia are not left behind. The region has hopes of going from net importer to exporter of digital services, in part thanks to NEQSOL Holding’s investment and commitment to digital development. Every day, NEQSOL Holding allows millions of consumers and businesses to access high-speed, reliable mobile and internet networks. 

NEQSOL Holding’s subsidiaries also span the construction and hi-tech industries. Among them is Norm, the largest cement producer in the South Caucasus. In 2013, Norm launched its largest plant near Baku, which has a production capacity of 2.1 million tons of cement per year. In addition to cement production, Norm holds a production capacity of 5300 tons of clinker per day. NEQSOL Holding’s presence in the construction and hi-tech industries allows it to contribute to the region’s development as there is a continued need for high-quality, sustainable infrastructure. A need that NEQSOL Holding has been keen to address, by investing both in physical and digital infrastructure. The holding has also invested in various hi-tech start-up projects offering innovative solutions and services in various markets. 

NEQSOL Holding is a global company, with people and businesses in the UK, USA, Turkey, Azerbaijan, Ukraine, Georgia, Kazakhstan, and the UAE, providing services to over 25 million customers across the globe. Despite this breadth of geographies and industries, the Holding has developed a unity of purpose thanks to a shared commitment to innovation and excellence across subsidiaries. 

Internal online tools also help employees build links across borders and subsidiaries. NEQSOL Academy, the company’s digital learning platform, provides access to online courses for employees to gain new skills, while interacting with their colleagues all over the globe. 

However, beyond this, it is undoubtedly the shared commitment to innovation binds NEQSOL Holding’s people and subsidiaries together. Innovation will continue to be NEQSOL Holding’s Polar star, as it further grows its portfolio in the years to come.