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Problems of RussNeft not to Affect on its Projects in Azerbaijan: Russian Analytic

Oil&Gas Materials 14 August 2007 18:35 (UTC +04:00)

Baku, Azerbaijan / Trend corr. А. Badalova / Artem Konchin, the analytic of the investment company of ATON, considers that the existing problems of the RussNeft company will not affect on its projects in regions, particularly the projects in Azerbaijan.

The company has two projects in Azerbaijan. RussNeft signed an agreement with the State Oil Company of Azerbaijan (SOCAR) on joint implementation of the project on development Zikh-Hovsan fields in Azerbaijan in November 2006. The company commenced the second project on development of the block of land field of Binagadi in June 2007.

The Federal Finance Market Service (FFMS) suspended the additional issue of assets of RussNeft.

FFMS consider that RussNeft violated standards of issues not informing about issuing of bonds. Moreover, the company did not submit documents approving disclose of information about issues as essential facts. The Arbitrary Court of Moscow approved legacy of the decision on additional fees of RussNeft, about 17bln of roubls in 2004-2005.

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