Exxon South Caspian liquidates Baku branch
The US oil and gas Exxon South Caspian Limited, part of the Exxon Corporation, has announced about the liquidation of its branch in Azerbaijan.
Azerbaijan's Taxes Ministry’s Vergiler newspaper announced about this on February 17.
The lenders must submit their claims to the address: 11, Rasul Rza st., Sabail district, Baku within two months.
Exxon South Caspian Limited acquired a 15 percent stake in the Araz-Alov-Sharg oil field in 1999, 180 kilometers from Baku in the Caspian Sea.
The company's partners on the project are: BP (operator) - 15 percent, Norway's Statoil - 15 percent, Turkish TPAO - 10 percent, Canadian Alberta Energy - five percent and SOCAR - 40 percent.
During that period, the amount of required investments in the project was estimated at $4 billion. The project is frozen till Azerbaijan and Iran solve the Caspian Sea status.
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