Russian Russneft Excludes Companies With Assets In Azerbaijan From Its Structure
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, July 2. Russneft Public Joint
Stock Company (PJSC) has updated its list of affiliated entities,
excluding companies that control assets in Azerbaijan, Trend reports via the
company.
Russneft PJSC has ended its affiliation with British Virgin GEA
Holdings Ltd, which was involved in several contracts with the
State Oil Company of the Republic of Azerbaijan.
Russneft has been involved in the development of the Absheron,
Binagadi, Neftchala, and Shirvan oilfields through its GEA
subsidiary.
Additionally, four companies from the Cayman Islands are
excluded from Russneft's structure: Kura Valley Holdings Ltd. and
Karasu Operating Company, which were mentioned in the late 2000s as
operators of the Azerbaijani Padar-Kharami blocks (Russneft
relinquished the Padar block in 2019) and Mishovdag-Kelameddin,
respectively, as well as Karasu Petroleum Company and Karasu
Development Company.
With the renunciation of its assets in Azerbaijan, Russneft no
longer holds any foreign production assets.
Russneft's actions may be related to international sanctions
against its management.
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