BAKU, Azerbaijan, December 22. Norway’s Equinor company is starting liquidation of its local companies in Azerbaijan, the company told Trend, as it has sold assets in the country to the state oil company SOCAR.
“The transaction means that all our assets in Azerbaijan are sold to SOCAR. We now start liquidation of our local companies. The Baku office remains open until the transaction is completed,” said the company.
Equinor said this transaction is in line with its strategy to focus on its international exploration and production portfolio and deepen in areas where it has the strongest competitive position.
SOCAR has acquired Equinor’s shares in Azeri-Chirag-Gunashli, Karabakh fields, and Baku-Tbilisi-Ceyhan project.
Before the acquisition, Equinor held a 7.27% stake in the ACG oil fields, an 8.71% interest in the BTC pipeline, and 50% in the Karabakh field. Previously, SOCAR had a 25% stake in ACG, 25% in BTC, and 50% in the Karabakh field.
The transactions will be completed following compliance with all regulatory requirements and contractual obligations.