BAKU, Azerbaijan, Dec.14
By Leman Zeynalova – Trend:
Malaysian PETRONAS confirms it has reached a revised agreement with LUKOIL, SOCAR and bp for the proposed sale of its business interests in Azerbaijan, effective 1 January 2022, the company told Trend.
“These include PETRONAS’ 15.5 percent participating share in Shah Deniz project in the Azerbaijan Sector of the Caspian Sea. This revision follows SOCAR and bp exercising their pre-emption rights as existing contractors under the Joint Operating Agreement on the proposed sale,” the company said.
PETRONAS noted that the transaction is currently pending fulfilment of conditions precedent.
“More information will be disclosed upon its completion. The exercise follows PETRONAS’ continuous review of its business portfolio to ensure a better fit in its growth strategy in the increasingly evolving energy landscape,” said the company.
Russia’s PJSC LUKOIL earlier announced 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.
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