BAKU, Azerbaijan, Nov.15
By Leman Zeynalova – Trend:
Russia’s LUKOIL company is in talks to increase its share in Azerbaijan’s giant Shah Deniz gas and condensate field, the company’s president Vagit Alekperov said on the sidelines of ADIPEC exhibition and conference, Trend reports.
“The project is led by a consortium, which has a preemptive right. So we are in the process of talks,” he said.
Moreover, Alekperov expressed hope for expanding the company’s presence in Kazakhstan’s oil and gas sector.
“We have joined two new projects, i.e. Zhenis and Al-Farabi and we have some initiatives,” he added.
On October 7, PJSC LUKOIL announced 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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