Russneft Restructures Azerbaijan Holdings, Removes Controlling Companies
(MENAFN- AzerNews)
Nazrin Abdul
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"RussNeft" Oil Company has restructured its holdings in
Azerbaijan, removing companies that controlled assets there,
Azernews reports.
The British-Virginia company "GEA Holdings Ltd.", involved in
contracts with SOCAR, has been disconnected from "RussNeft".
Previously, "RussNeft" participated in developing fields like
Absheron, Binagadi, Neftchala, and Shirvan through "GEA".
Additionally, four Cayman Islands companies linked to
Azerbaijan, including Kura Valley Holdings Ltd., operators of
blocks like "Padar-Harami" (abandoned in 2019), and
"Mishovdag-Kalameddin", have been removed from "RussNeft's"
structure.
With this restructuring, "RussNeft" no longer holds foreign
production assets.
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