Statoil completes sale of 15.5% share in Shah Deniz to PETRONAS
The Shah Deniz in the Caspian Sea. (Photo: Shahin Abasaliyev)
The sale involved the transfer of Statoil’s 15.5% participating interest in the Shah Deniz production sharing agreement, 15.5% share in the South Caucasus Pipeline Company (SCPC), 15.5% share in the SCPC holding company, and 12.4% share in the Azerbaijan Gas Supply Company (AGSC).
The closure of the transaction follows the satisfaction of all conditions precedent, with an effective date of 1 January 2014.
Following this transaction the State Oil Company of Azerbaijan, SOCAR, will assume operatorship of AGSC and commercial operatorship of SCPC as of 1 May 2015, which have both previously been held by Statoil.