The Russian oil company, RussNeft, has gotten rid of its links to foreign companies controlling development fields in Azerbaijan, according to official documents.
The company no longer has any links with Global Energy Cyprus Ltd., GEA Holdings Ltd., Kura Valley Holding Company, Karasu Petroleum Company, Karasu Development Company (Kayman islands), Bizneta Holdings Ltd. (Cyprus), and Karasu Operating Company (Azerbaijan).
Through GEA Holdings Limited, RussNeft participated in the development of Absheron, Binagadi, Neftechala, and Shirvan fields in Azerbaijan.
Now RussNeft does not have any foreign mining assets.
RussNeft was founded in 2022 by Mikhail Gutseriev, who resigned from the board of directors after the European Union imposed sanctions on him in 2014.
In 2023, RussNef produced 6,434 million tons of oil and 2,11 billion cubic meters of gas. The company’s assets are located in Russia, including Western Siberia, the Volga-Ural region, and Central Siberia. There are about 8,000 employees in the company.
