PETRONAS’ share acquired by LUKOIL in Shah Deniz reduced

BAKU, Azerbaijan, Dec.10

By Leman Zeynalova - Trend:

Russia’s PJSC LUKOIL announces the signing of amendments to the agreement concluded in October 2021 on the acquisition of a share in the Shah Deniz project from PETRONAS, Trend reports with reference to LUKOIL.

“In accordance with the new arrangements, the share acquired by LUKOIL is reduced from 15.5 percent to 9.99 percent with proportional decrease in the transaction value from $2.25 billion to $1.45 billion. The conclusion of the amendments resulted from negotiations with the Shah Deniz project partners on implementation of pre-emptive rights,” said the company.

The deal is expected to be closed in January 2022.

Earlier, bp has decided to increase its holding in the giant Shah Deniz gas field in the Caspian offshore Azerbaijan through negotiations with the Shah Deniz partners on implementation of bp’s pre-emptive rights on PETRONAS previously announced sale of its share.

The company has entered into an agreement to purchase from Petronas a 1.16 percent interest in the bp-operated Shah Deniz field for USD $168 million based on the same commercial terms of the Shah Deniz transaction announced earlier by PETRONAS. As a result, bp will hold a 29.99 percent interest in Shah Deniz and will remain the operator of the field.