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. Last Updated: 07/27/2016

Azeris May Sell Stake

MOSCOW () -- The Azeri state oil company Socar is in talks with several foreign companies, including Royal Dutch Shell, to sell part its stake in a $7 billion deal to develop Caspian Sea oilfields with a foreign consortium, a top Socar official has said.

The official, who requested anonymity, did not provide further details.

Azerbaijan, strapped for funds to finance its share of the project, has already sold 5 percent out of its 20 percent stake to Iran.