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Ismail Askerov

Work 994124932939<br />994502162170 (mob)
MGB Law Offices


Ismail Askerov is a managing and founding partner of MGB Law Offices with over 23 years of experience in a broad spectrum of corporate, project finance, corporate (M&A)  and general regulatory expertise in heavily regulated industries such as banking, oil and gas, insurance, aviation  and pharmaceuticals. .

Ismail has extensively  assisted international oil and gas corporations, aircraft operators, export credit agencies and multinational financial institutions on various legal matters including contractual matters, ownership, business structuring and risk allocation issues.

His experience extends to the major M&A in the energy sector, syndicated finance of the foreign lenders on the well-known BTC pipeline project and project finance in petrochemical sector (project Star).


  • Azerbaijan
  • Russia

Experience in Energy and other Industry Sectors in Azerbaijan Includes:

  • Acting as SOFAZ’s counsel in respect of the laws of the Republic of Azerbaijan in connection with the EITI Standards implemented in  Azerbaijan/Providing Recommendations to SOFAZ as to implementation of such standards in light of domestic legislation;
  • Acting for the consortium of foreign banks under BTC pipeline project/conducting due diligence in respect of properties to be mortgaged as the security under the BTC project;
  • Advising IJNOC and Inpex  Corporation on Change of Control Issues under ACG PSA;
  • Advising international oil company on transfer of its participatory interest under ACG PSA/ conducting due diligence in respect of the transferor’s rights to such interest;
  • Providing advice to a syndicate of lenders on the validity of various security agreements including issues of parallel securities, insolvency, applicable law in respect of Azeri/Chirag/Guneshli Early Oil Project/conducting due diligence under the Project;
  • Acting for Foreign Purchaser in Acquisition of Major Service Company in oil sector of Azerbaijan;
  • Negotiation with SOCAR and its maritime division in relation to cooperation arrangements with foreign ship owners: Ship owners’ Counsel;
  • Acting for the consortium of international and investment banks (including Société Générale) and credit agency in downstream financing in connection with a multi-billion facility for the development, construction of a major refinery owned by SOCAR in Turkey re Project Star;
  • Advising the Government of Azerbaijan in connection with the construction and financing of the first independent power project in Baku;
  • Acting for Société Générale as local counsel in structuring a covered bonds programme involving the transfer by way of security of receivables arising under a portfolio of loans originated by the bank;
  • Acting for the consortium of foreign banks including Société Générale on the issues of land security perfection arising from BTC project;
  • Acting as EBRD local counsel in secured loan financing to Azerbaijani based dairy products manufacturer;
  • Advising the major investment bank on futures contracts and options involving the Central Bank of Azerbaijan;
  • Acting as VTB’s local counsel in $US 500 million Equity Subscription to VTB’s shares by SOFAZ;
  • IFC Financing and Investment of the Baku Coca Cola Bottling Plant: Lender's Counsel;
  • Acting as EBRD local counsel on EBRD Equity and Loan Transactions of Karadagh Cement Plant: EBRD Counsel;
  • Acting for EBRD in secured loan financing to one of the major iodine producer in the world;
  • Acting for SCD/DVB in financing for Major Vessel Operator in Azerbaijan, Bank’s Counsel;
  • Providing advice to a syndicate of international financial institutions and export credit agencies in respect of part of the US$3.6 billion credit financing of the Baku-Tbilisi-Ceyhan main export pipeline transaction, including advice on the IGA and HGA, security and land use rights; Lender’s Counsel;
  • Eximbank financing of two Boeing 757s acquired by Azerbaijan Airlines: Lender's Counsel;
  • Secured financing of 2 anchor handling tugs by major international bank: Bank's Counsel;
  • Acting for Foreign Purchaser in Acqusition of Major Brewery in Azerbaijan.
  • Conducting due diligence of one of the leading insurance companies in Azerbaijan/advising AXA on acquisition of MBASK, insurance company: Purchaser’s Counsel;
  • Advising the major UK bank on multi-million-financing in relation to the acquisition and financing of six foreign owned vessels operating in oil service sector in Azerbaijan: Bank’s Counsel;
  • Due diligence exercise on various loan arrangements supported by Azerbaijani security for the major UK bank intra-group transfer; Bank’s Counsel;
  • Conducting Extensive Due Diligence on Acquisition of One of the Largest Commercial Banks by Leading Russian Investment Group in Azerbaijan; Investor’s Counsel;
  • Advising on Acquisition /Privatisation Aspects of the Major Telecommunication Operator: Purchaser’s Counsel
  • Acted for Paris-based international bank on the securitisation of receivables under a portfolio of loans backed by export credit agency guarantees
  • Acting for Eurasian Development Bank in respect of a multi-million financing of a shipyard.


  • Aircraft Financing
  • Corporate and M&A;
  • Competition & Procurement
  • Oil & Gas and Infrastructure
  • Insolvency & Restructuring
  • Project Finance
  • Data Protection and Privacy
  • Franchising
  • Telecommunication


  • Prior to establishing MGB law offices, Ismail worked as contract advisor at Unocal (currently Chevron) (1993-1995) ;
  • From 1996 to 2007, Ismail was a local partner at Ledingham Chalmers and McGrigors (currently Pinsent Masons) where he was advising multinational financial institutions such as EBRD and IFC, oil and gas service companies, aircraft owners (operators) on broad range of regulatory issues.
  • Ismail also worked as an investigator at military prosecutor’s office from 1989 to 1992.




  • Highly recommended as a leading lawyer in Azerbaijan by Legal500, IFLR and Chambers Global.
  • The World Bank’s Award in Appreciation of contribution to Doing Business: 2018.
  • Member of International Trademark Association;
  • Member of Collegiums of Advocates of Azerbaijan.


  • University of London (LL.M program) (1994);
  • Moscow Military Academy (VKIMO) (LL.B.).


Leading Firms

Within: Leading individuals

Ismail Askerov - MGB Law Offices

Within: Leading Firms

MGB Law Offices provides legal advice across a number of practice areas, including corporate, banking and project finance, as well as representing clients in court. Ismail Askerov, who is praised for his 'excellent market knowledge and in-depth insights', leads the team, and is 'unquestionably a star performer in Azerbaijan'. He is an experienced corporate and M&A lawyer with a track record of success in the aviation sector; he acted for Penerbangan Malaysia Berhad, a holding company of Malaysian Airlines, on the subleasing of two freighter aircraft to Silk Way West Airlines. Also recommended are the 'prompt and practical' Anar Janmammadov and the 'excellent' Kamil Valiyev. Janmammadov represented the International Finance Corporation (IFC) in the local courts in relation to the enforcement of security granted by the IFC to local borrowers, while Valiyev advised a foreign energy client on a range of matters relating to an upcoming oil project. Associates Lala Hasanova, Kamal Huseynli and Meltem Novruzova are also recommended.

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