Russneft earns 3 bln rubles on sales of Azerbaijani assets

MOSCOW. Aug 26 (Interfax) - Russneft earned a profit of 3.052 billion rubles on the sale of GEA Holdings Ltd., which controlled stakes in the Russian oil company's assets in Azerbaijan, Russneft reported in its financial statement.

Russneft disclosed the exit from the Azerbaijani assets in early summer with the publication of an updated list of affiliated parties. The document excluded the company's ties to British Virgin Islands-based GEA Holdings, which is involved in several production sharing projects with the State Oil Company of Azerbaijan Republic (SOCAR). Russneft participated in the development of the Absheron, Binagadi, Neftechala and Shirvan fields through GEA.

Russneft also divested four Cayman Islands-based companies: Kura Valley Holdings Ltd. and Karasu Operating Company, which were named in the late 2000s as the operators of, respectively, the Padar-Harami (Russneft pulled out of the Padar block in 2019) and Mishovdag-Kelameddin blocks in Azerbaijan, and Karasu Petroleum Company and Karasu Development Company.

With its exit from Azerbaijan, Russneft has no foreign production assets left.