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The Messenger: Shell bows out of Azerbaijan oil project, selling stake to South Korean company

Friday, August 31, 2007, #165 (1432)

Shell is ramping down its involvement in Azerbaijan, writes the news agency Regnum, as the global oil company hands most of its share in the undeveloped Inam project to South Korea.

On August 28, Seoul officials announced that South Korea’s National Oil Company signed an agreement with Shell in July to buy out 20 percent of Shell’s 25 percent stake in the BP-led project.

The state-owned Korean company says they’re waiting on confirmation from BP, the Azerbaijani government, and Azerbaijan’s state oil company, SOCAR.

Azerbaijani Minister of Industry and Energy Natik Aliyev gave all indication the deal would meet with no objections.

“The Korean company has experience in this sector and is a friendly company,” Aliyev said.

This is the company’s first foray into Azerbaijan; it also has stakes in Kazakhstan and Uzbekistan.
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