Subsidiary of Norway's Equinor closes office in Azerbaijan

BAKU. July 31 (Interfax) - Equinor Azerbaijan Karabagh B.V., a subsidiary of Norwegian energy company Equinor, has announced the liquidation of its branch in Azerbaijan.

Claims from creditors will be accepted for two months, the company said in a statement. It did not specify the reasons for the liquidation of the branch.

Equinor Azerbaijan Karabagh's branch in Azerbaijan was registered with the country's State Tax Service on April 3, 2018 for participation in the project to develop the Karabakh field in Azerbaijan's sector of the Caspian Sea.

The State Oil Company of Azerbaijan Republic (SOCAR) and Equinor signed a risk service contract on May 31, 2018 for the development of the Karabakh field, as well as a production sharing agreement for the exploration and development of the Ashrafi - Dan Ulduzu - Aypara block. SOCAR and Equinor formed an equally owned operating company to implement both projects, but in December 2023 Equinor sold its 50% stake in the projects to SOCAR. The deal was closed on April 24, 2024.