Bahar Energy ltd oil company has been taken away from Azerbaijani oligarch Khafiz Mammadov, sources from the company told www.haqqin.az
UAE citizen Amir Mahmudzada has been dismissed as President of the company, who was appointed by Khafiz Mammadov. US citizen Normal Benson has been appointed instead of him.
Earlier Normal Benson has occupied position of Vice President, but he was not Khafiz Mammadov’s protégé.
The company’s contract with majority of the employees expires in 2015, which promises layoffs. This year 140 people have been fired from the company, but after the actions of protest rights of part of the employees have been restored.
There are rumors that in the near future Bahar Energy Ltd company will be taken over by SOCAR.
Bahar Energy Ltd company is involved in development of offshore fields Bahar and Gum Deniz. Majority of the company’s shares are owned by Baghlan Group Limited, which is owned by oligarch Khafiz Mammadov.
To the inquiry of www.haqqin.az Bahar Energy Ltd has confirmed information about change of the owner, but refused to provide any comments.
Bahar Energy Ltd was founded by three companies – Baghlan Group, Greenfield International and RAFI Oil. The company’s shares have been equally divided between the co-founders.
But in 2012 RAFI Oil sold its share in the company to Khafiz Mammadov, which has allowed the oligarch to accumulate 66% shares of the company.
According to some sources, Baghlan Group has sold its 66% share in the company to Absheron Operating Company, which develops Zykh and Govsan fields with the operator Global Energy offshore company.
SOCAR has refrained from commenting on the deal.
