RussNeft Withdrew from Assets in Azerbaijan
The company has no foreign production assets left.
RussNeft has excluded from its structure companies that control assets in Azerbaijan, according to the updated list of affiliates of the oil company.
The document excludes the connection between the PJSC and the British-Virginia GEA Holdings Ltd., which participates in a number of PSA projects with the State Oil Company of the Azerbaijan Republic (SOCAR). In particular, through GEA, RussNeft participated in the development of the Absheron, Binagadi, Neftechala and Shirvan fields.
Also, four companies from the Cayman Islands are excluded from the RussNeft structure: Kura Valley Holdings Ltd. and Karasu Operating Company, mentioned at the end of the 2000s as operators of the Azerbaijani blocks Padar-Harami (RussNeft abandoned the Padar block in 2019) and Mishovdag-Kelameddin, respectively, as well as the structures of Karasu Petroleum Company, Karasu Development Company.
Thus, RussNeft has no foreign production assets left. The company’s production volumes in Azerbaijan have not been disclosed in reports in recent years, but in 2019 Russneft announced its intentions to produce about 500 thousand tons of oil.
In addition, Global Energy Cyprus Limited and Bizneta Holdings Ltd were excluded from the group structure. Bizneta previously controlled the Russian LLC Alatau-2, Alatau-5, Alatau-8 (liquidated in August 2023), which had several exploration licenses for areas in the Khanty-Mansiysk Autonomous Okrug. Some of the licenses of these LLCs were re-registered in 2022 to Russneft – for the Krasnoleninsky 2, Vostochno-Enitorsky and Elizarovsky 1 sections.
