Royal Dutch Shell leaving Azerbaijan
Royal Dutch Shell PLC (Netherlands - Great Britain) is leaving the Azerbaijani market, reports Turan. The Ministry of Taxes announced that the subsidiary of the oil and gas giant, "Shell Business Development Central Asia B.V.", is winding down its operations in the country and plans to leave the market within two months time, during which claims from creditors will be accepted.
The company will most likely continue its activities in Kazakhstan. Shell had a 5% stake in a PSA (production sharing agreement) in the exploration, development and production of oil in the prospective drilling location of "Inam", located just off Azerbaijan's Caspian shoreline. SOCAR held a 50% stake in the project, BP - 25%, and Korean corporation CNPC held 20%. However, after exploratory drilling resulted in no new finds, the contract, ratified by the National Parliament on December 1st, 1998, was suspended.
Royal Dutch Shell is the second largest oil company in the world, with headquarters in the Hague. It employs more than 94,000 employees in more than 90 countries around the world.
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