The Russian company "Russneft" has removed the companies controlling the assets in Azerbaijan from its structure.

Axar.az reports that the company was informed about this.

It was noted that "Russneft" is a British-Virginia company (GEA) Holdings Ltd. cut ties. "GEA Holdings Ltd" is a partner of the State Oil Company of Azerbaijan (SOCAR). Through GEA, "Russneft" participated in the development of "Absheron", "Binagadi", "Neftechala" and "Shirvan" fields.

4 companies from the Cayman Islands were also excluded from the structure of "Russneft". Thus, "Russneft" has no foreign production assets left.

Although the production volume of the company in Azerbaijan has not been disclosed in reports in recent years, in 2019 "Russneft" announced its intention to produce about 500 thousand tons of oil.