Companies with obscure ownership structures are benefiting from oil agreements with Azerbaijan’s state energy company, signaling potential conflicts of interest and preferential treatment, rights group Global Witness said.
Azerbaijan’s State Oil Fund will cut the share of euros in its holdings in favor of the Australian dollar, Russian ruble and Turkish lira, while planning to increase investments in real estate to diversify its assets.
TeliaSonera AB fired Chief Financial Officer Per-Arne Blomquist and three other senior executives as the fallout from an ethics investigation into the Swedish phone company’s business practices in former Soviet countries widened.
BP Plc is in talks with Azerbaijan to extend a 30-year contract to operate the country’s largest oil deposit after the company worked to appease criticism over falling output at the project by bringing in new managers.
U.S. Secretary of State John Kerry urged the leaders of Azerbaijan and Armenia to seek progress in talks over the disputed Nagorno-Karabakh region as negotiations resume today in Vienna after a three-year hiatus.