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Ismail Askerov

Work +994 12 493 2939 / 6669
MGB Law Offices


Ismail Askerov established the firm under the name Jura/Ledingham Chalmers in partnerhsip with Ledingham Chalmers in 1995(since 2007, the firm was rebranded to MGB Law Offices and has been operating as an independent practice.).  Ismail is the managing partner of MGB Law Offices with over 20 years of experience in a broad spectrum of corporate, project finance, investment, antitrust, as well as mergers and acquisitions and general regulatory advice in heavily regulated industries, such as banking, insurance, aviation  and pharmaceuticals.

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

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

Ismail is highly recommended as the leading lawyer in a number of legal directories published outside Azerbaijan for his work, Ismail has been advising international financial investors and energy companies on their involvement to multi-million projects since 1995.  The recommendations include http://www.legal500;;

Deals List in Energy and other Industry Sectors in Azerbaijan 

  • Acting as SOFAZ’s counsel in respect of the laws of the Republic of Azerbaijan in connection with the EITI Standards to be implemented in the Republic of 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 KMNF 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 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 trades 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;
  • Vessel 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 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
  • Acting for Eurasian Development Bank in respect of a multi-million financing of a shipyard.
  • Adise a Paris-based international bank on the securitisation of receivables under a portfolio of loans backed by export credit agency guarantees.


  • “Privatisation”, Eastern European Forum Newsletter (volume 8, number 2, 1998);
  • “Privatisation and Equity Program”, Investment, Caspian Investor (volume X, 1998);
  • “Business Law Changes in Azerbaijan”, Impact, Worlds Market Research Centre (Issue 9);
  • “Power Sector Reform in Azerbaijan”, EBRD Law in Transition 2004;
  • “Insolvency and Bankruptcy in Azerbaijan”, IBA European Forum Newsletter (Spring 2005);
  • Bankruptcy Law Research, The World Bank, Azerbaijan (February 2005);
  • Role of the Central Bank of Azerbaijan in Regulating Banking Sector, The Euromoney Central Asian Financial Markets Handbook 2008;
  • Exploiting the Alternative, IFLR, The Guide to the World’s Leading Financial Law Firms, 2009;
  • Regulatory Requirements for Entering into Insurance Market in Azerbaijan, IFLR, The Guide to the World’s Leading Financial Law Firms, 2010;
  • Overview of Current Legal Environment in Capital Market in Azerbaijan, IFLR, The Guide to the World’s Leading Financial Law Firms, 2011
  • Miscellaneous articles on Azerbaijan’s legal status during its period of transition.


Career: 1995 to present MGB Law Offices (McGrigors and Ledingham Chalmers before) 1993 - 1995 Unocal Khazar Ltd, Baku, Contract Adviser 1992 – 1993 Azerbaijan Commercial Association (Elis), Baku, Legal Adviser 1989 – 1992 Military Prosecutor’s Office, Baku, Military Investigator.


Languages: Azeri, English, Turkish, Russian.


Memberships: Ismail Askerov is a member of the International Bar Association. Also he is admitted to the Collegium of Advocates of Azerbaijan Republic. Eligible to practice in Russia and other CIS countries.


Graduated from Moscow Military Academy of Economics, Finance and Law in 1989 and received a certificate of academic study in law from the University of London, Centre for Commercial Law Studies in 1994.


Legal market overview

Within: Leading individuals

Ismail Askerov - MGB Law Offices Limited

Within: Legal market overview

MGB Law Offices Limited is known for handling complex financial matters as well as major M&A for international clients, and is ‘distinguished by its quality combined with competitive pricing’. Highly active managing partner Ismail Askerov recently represented a leading Turkish textile commodity company on its sale of a local subsidiary and assisted an international financial institution with the enforcement of its security against a local borrower. Meltem Novruzova and Lala Hasanova are recommended by clients, who are ‘very pleased with the quality and timeliness of the deliverables’.

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