Azerbaijan, Baku / corr Trend S.Aliyev / The Russian oil company Russneft has become a participant of the Azerbaijani project to develop the Binagadi onshore field.
The State Oil Company of Azerbaijan (SOCAR) announced on 5 June that Russneft has purchased shares of the Azerbaijan company Azpetrol in a joint venture AzEN, which holds 75% stake in this project. The Turkish company Enka also holds a share in AzEN. SOCAR retains its 25% share in the Binagadi project.
The contract to develop the onshore field was signed on 29 September 2004.