Statoil completes sale of 15.5% share in Shah Deniz to PETRONAS

Statoil completes sale of 15.5% share in Shah Deniz to PETRONAS

Statoil completes sale of 15.5% share in Shah Deniz to PETRONAS

The FINANCIAL -- On Thursday 30 April 2015, Statoil and the Malaysian oil and gas company PETRONAS completed their transaction, announced previously on 13 October 2014.

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, according to Statoil.

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.