NEQSOL Holding is one of the largest privately held industrial groups to emerge from Azerbaijan — a portfolio spanning mobile and wholesale telecoms, oil and gas services, cement and, since the 2024 privatisation of UMCC, titanium mining. This hub tracks Caucasus Business Journal’s coverage of the group and the sectors it operates in.
| Company | Sector | What it does |
|---|---|---|
| Bakcell | Telecoms | Mobile operator in Azerbaijan |
| Vodafone Ukraine | Telecoms | Ukrainian mobile operator; partner with Vodafone Group on the Kardesa Black Sea cable |
| AzerTelecom | Connectivity | Wholesale carrier behind the Digital Silk Way programme and the Trans-Caspian fibre link |
| Caucasus Online | Connectivity | Georgian backbone and international transit |
| Nobel Energy / Nobel Upstream | Energy | Oilfield services and upstream assets across the UK, US and Azerbaijan |
| Norm | Materials | The largest cement producer in the South Caucasus |
| UMCC-Titanium | Mining | Ukraine’s largest titanium-ore producer — the Vilnohirsk and Irshansk plants |
NEQSOL Holding is an international group of companies operating across energy, telecommunications, construction materials, mining and high-tech, with operations spanning Azerbaijan, Ukraine, the United Kingdom, the United States and Türkiye. It is owned by Azerbaijani businessman Nasib Hasanov.
The group includes Bakcell and Vodafone Ukraine in mobile telecoms, AzerTelecom and Caucasus Online in wholesale connectivity, Nobel Energy and Nobel Upstream in oil and gas, Norm in cement, and UMCC-Titanium in mining.
Yusif Jabbarov serves as Chairman after eight years as chief executive. Kirill Rubinski was named Chief Executive Officer in 2026.
Kardesa is a submarine cable system planned across the Black Sea by Vodafone Ukraine, part of NEQSOL Holding, together with Vodafone Group. Announced in October 2025 at a cost above €100 million and contracted to Xtera, it is designed to add more than 500 Tbps of capacity. The first landing is planned in Bulgaria in 2027, followed by Türkiye, Georgia and Ukraine.
UMCC — Ukraine’s largest titanium-ore producer, operating the Vilnohirsk and Irshansk plants — was sold at a state privatisation auction on 9 October 2024. Cemin Ukraine, a NEQSOL-linked company and the only bidder, paid UAH 3.94 billion (about $96 million), with the proceeds going to the state budget and a commitment to invest at least UAH 400 million in modernisation.
Norm is the largest cement producer in the South Caucasus and the construction-materials arm of NEQSOL Holding.