Shell shutting down office in Azerbaijan (UPDATE)

Oil&Gas Materials 8 July 2016 13:49 (UTC +04:00)

Details added (first version posted on 12:49)

Baku, Azerbaijan, July 8

By Maksim Tsurkov – Trend:

Shell Business Development Central Asia B.V., a subsidiary of the Royal Dutch Shell plc, announced the liquidation of its office in Azerbaijan, the Azerbaijani Taxes Ministry’s ‘Vergiler’ newspaper reported July 8.

In a comment to Trend, the company’s Baku office confirmed the report.

Royal Dutch Shell plc, commonly known as Shell, is an Anglo-Dutch multinational oil and gas company headquartered in the Netherlands and incorporated in the United Kingdom. The company has subsidiaries and branches in more than 90 countries of the world. Shell topped the 2013 Fortune Global 500 list of the world’s largest companies.

Shell had a 5-percent share in the development of Azerbaijan’s Inam offshore prospective structure together with Azerbaijani state oil company SOCAR (50 percent), BP (25 percent), and Korea National Oil Corporation (20 percent).

In 2009, the partners developing the Inam structure in the Azerbaijani sector of the Caspian Sea cancelled the production sharing agreement on it and ceased the project.