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RussNeft considers projects in Azerbaijan among priority ones

September 30, 2019/ 09:16

Baku. Russia's RussNeft company considers the projects in Azerbaijan among the priority ones, the company told Trend.

"We constantly monitor current offers in the market," the company noted. The company also commented on the issue of its withdrawal from the Padar project.

"The reason for the completion of the liquidation of the subsidiaries created for the project’s implementation was the fact that we did not see economic prospects for ourselves," the company said.

In 2014, RussNeft acquired a 100-percent stake in GEA Holdings Limited. Through its subsidiaries and joint ventures, GEA participates in projects that develop and produce oil in Azerbaijan on the basis of production sharing agreements (PSAs) concluded with Azerbaijan’s State Oil company SOCAR.

The Azerbaijani assets of RussNeft include Zigh-Hovsan, Kurovdag, Mishovdag-Kelameddin, Padar and Neftchala fields.

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