Statoil completes sale of Azerbaijan assets to Petronas

The sale involved the transfer of Statoil’s 15.5 per cent participating interest in the Shah Deniz production sharing agreement, 15.5 per cent share in the South Caucasus Pipeline Company (SCPC), 15.5 per cent share in the SCPC holding company, and 12.4 per cent 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.

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.