US oil company Exxon South Caspian subsidiary of Exxon Corporation Limited Group will cease operations in Azerbaijan by closing its subsidiary Azeri writes the Azeri newspaper and taken up by Vergilər haqqin.az. Arriving in 1999 in Azerbaijan, Exxon managed South Caspian oil exploitation in the Caspian Sea, “Araz Alov Chark” some 180 km off Baku. The American company has 15% stake in this operation. The remainder split between BP (15%), Norwegian Statoil (15%), Turkey’s TPAO (10%), the Canadian Alberta Energy (5%) and Azeri SOCAR (40%). The start of the project was the establishment of a capital of 4 billion. But most of the grandiose development project had been frozen because of disputes between Baku and Tehran on the Rights of the Caspian Sea.

Krikor Amirzayan