Petronas says its priority is to support efforts to maximize value of Shah Deniz asset

Oil&Gas Materials 11 March 2019 11:27 (UTC +04:00)

Baku, Azerbaijan, March 11

By Leman Zeynalova – Trend:

Malaysia’s Petronas oil and gas company prioritizes support for the efforts to maximize the value of the Shah Deniz asset in Azerbaijan, the company told Trend.

“As a partner in the Shah Deniz Consortium, our priority is to support the Operator of Shah Deniz Exploration, Development and Production Sharing Agreement in efforts to maximize the value of the Shah Deniz asset,” said Petronas.

The company said that 2018 was a successful year when Shah Deniz Consortium achieved 1st Gas from Shah Deniz Phase 2 project, in which PETRONAS holds 15.5 percent participating interest.

Regarding the prospects for expanding its business in Azerbaijan, the company said that as a normal course of business, PETRONAS regularly reviews its business portfolio group-wide, globally and continues to look at opportunities. “It is part of the Group’s endeavour to remain commercially competitive,” said the company.

PETRONAS currently holds 15.5 percent participating interest in Shah Deniz Exploration, Development and Production Sharing Agreement (SD EDPSA), 12.4 percent in the Azerbaijan Gas Supply Company Limited (AGSC) and 15.5 percent in the South Caucasus Pipeline Company Limited (SCPC).

PETRONAS is a Malaysian oil and gas company that was founded on 17 August 1974. Wholly owned by the Government of Malaysia, the corporation is vested with the entire oil and gas resources in Malaysia and is entrusted with the responsibility of developing and adding value to these resources.

The group is engaged in a wide spectrum of petroleum activities, including upstream exploration and production of oil and gas to downstream oil refining; marketing and distribution of petroleum products; trading; gas processing and liquefaction; gas transmission pipeline network operations; marketing of liquefied natural gas; petrochemical manufacturing and marketing; shipping; automotive engineering; and property investment.


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