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ExxonMobil Closes Azerbaijan Office Linked To Caspian Sea Project

ExxonMobil Closes Azerbaijan Office Linked To Caspian Sea Project Energy

ExxonMobil Corp. (NYSE: XOM) has closed one of its offices in Azerbaijan, the country's tax ministry said on Feb. 17, the result of a delayed oil project.

The office was linked to an oil production project on the Araz-Alov-Sharg oilfields in the Caspian Sea. The project is frozen until a decision is taken about the status of the Caspian Sea between Azerbaijan and Iran.

Exxon's other office in the oil-rich country will stay open, the company said in a statement.

"No change has occurred to the permanent representation of ExxonMobil in Azerbaijan or to the office of Exxon Azerbaijan Limited in Baku," the company said.

Exxon Azerbaijan Ltd. has a 9% interest in the Azerbaijan International Operating Co. (AIOC) which produces hydrocarbons from the major Azeri-Chirag-Guneshli fields, a project operated by BP Plc (NYSE: BP).

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