BAKU, Azerbaijan, April 4. Equinor company based in Norway invested $91 million in Azerbaijan in 2024, as compared to $120 million in 2023, Trend reports citing the company.
As such, the volume of investments decreased by more than 24 percent year-on-year.
Its revenues dropped from $351 million in 2023 to $188 million in 2024, showing a 46.4 percent decrease.
In late December 2023, Azerbaijan’s state oil company SOCAR acquired Equinor’s shares in Azeri-Chirag-Gunashli, Karabakh fields, and Baku-Tbilisi-Ceyhan project.
The transaction was closed in November 2024.
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.
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