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Statoil divests assets for billions in Azerbaijan

Statoil has sold its 15.5 percent stake in the Shah Deniz gas field along with other activities in Azerbaijan. The transaction is worth USD 2.25 billion, according to the oil company.

Photo: Harald Peterssen, Statoil

Norwegian oil company Statoil has divested activities in Azerbaijan, says the company in a corporate statement.

The transaction includes a 15.5 percent stake in gas field Shah Deniz, located in the southern part of the Caspian Sea off the coast of Azerbaijan, along with 15.5 percent in the company South Caucasus Pipeline Company, 15.5 percent in the SCPC holding company and 12.4 percent in Azerbaijan Gas Supply Company. All the assets are acquired by Malaysian oil company Petronas and the transaction is worth a total USD 2.25 billion, according to Statoil.

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