RussNeft restructures Azerbaijan Holdings, removes controlling companies

By Nazrin Abdul

"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.