Wintershall to soon close its representation office in Baku

Nov 17, 2002 01:00 AM

After several international oil corporation withdrew from projects to develop Azeri oil and gas fields, the German Wintershall has recently announced it would soon close its representation office in Baku, too.

This is particularly bad news for Azeri economy when considering that Wintershall, the only German oil company in Azerbaijan, holds some 20 % of the shares of Langaran, and Talesh Deniz oil fields in the Caspian sea that Azerbaijan claims their ownership.
The lack of energy resources in the Karabakh, Abeshron and several other oil fields has discouraged international oil corporations from continuing their projects in the country, and close their offices in Baku, or change their course of activity from oil projects.

However, Baku needs to promote its annual production of crude oil to as high as 50 mm tons to support oil exports through the Baku-Tbilisi-Ceyhan route. Therefore, economic analysts believe the withdrawal of multinational oil corporations, including Wintershall, from Azerbaijan's oil development projects had been a heavy blow to US hegemonic policies in the Caucasus as well Baku's economic development programs.

Source: The Tehran Times
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