BAKU, Azerbaijan, Oct.26
By Leman Zeynalova – Trend:
Akin Gump, the US-based law firm, has advised PSJC LUKOIL in its acquisition of a 15.5 percent interest in the Shah Deniz natural gas project in the Azerbaijan sector of the Caspian Sea, from Malaysia’s PETRONAS, Trend reports with reference to Akin Gump.
The transaction is valued at $2.25 billion, and the completion is subject to the fulfilment of certain conditions precedent, including approval by SOCAR, the State Oil Company of the Azerbaijan Republic. The transaction closed on October 7, 2021.
Following completion of the sale, LUKOIL's interest in the Shah Deniz natural gas project will increase to 25.5 percent. The other parties in the project are SOCAR, bp, Turkey’s TPAO (Türkiye Petrolleri Anonim Ortaklığı), Iran’s Switzerland-based NICO (Naftiran Intertrade Company) and the European Commission’s SGC (Southern Gas Corridor).
PJSC LUKOIL announces conclusion of an agreement on acquiring 15.5 percent interest in the Shah Deniz natural gas project in the Azerbaijan sector of the Caspian Sea from PETRONAS.
The value of the transaction will amount to $2.25 billion, and the completion is subject to fulfilment of conditions precedent, including approval by SOCAR, the State Oil Company of the Azerbaijan Republic.
Following completion of the sale, LUKOIL's interest in the project will increase from 10 percent to 25.5 percent. The other parties to the project are bp (operator, 28.8 percent), TPAO (19 percent), SOCAR (10 percent), NICO (10 percent), and SGC (6.7 percent).
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