The American Exxon South Caspian Limited oil and natural gas company, which is a part of the Exxon Corporation, informed that it is closing its branch in Azerbaijan, according to Vergilər (taxes) newspaper of the Ministry of Taxes of the country.

In 1999, Exxon South Caspian Limited had acquired a 15-percent stake in the prospective Araz-Alov-Sharg oil field in the Caspian Sea, 180 kilometers from the Azerbaijani capital city of Baku.

The company's partners on the project are: BP (operator) - 15 percent, Norway’s Statoil - 15 percent, Turkish TPAO - 10 percent, Canada’s Alberta Energy - 5 percent, and the State Oil Company of the Azerbaijan Republic (SOCAR) - 40 percent.

During that period, the amount of required investments in the project was estimated at $4 billion.

The project is frozen till Azerbaijan and Iran solve the Caspian Sea status.