Equinor and SOCAR (the national oil company of the Republic of Azerbaijan) have signed an agreement under which Equinor will divest all of its remaining assets in Azerbaijan to SOCAR.
These assets include the Azeri Chirag Gunashli (ACG) field in the Azerbaijani region of the Caspian Sea 727% non-operating interest, Baku-Tbilisi-Ceyhan (BTC) pipeline 871% interest and 50% interest in the Karabagh field. SOCAR already holds ACG 250% of the shares, 25% of BTC is held through Azerbaijan BTC***0% equity, and 50% equity interest in karabagh.
Equinor has been stationed in Azerbaijan since 1992. The ACG, operated by British Petroleum (BP), is the largest oil field in the Azerbaijani region of the Caspian Basin, and the BTC pipeline is used to transport ** to the Mediterranean coast of Turkey.
Philippe Mathieu, Executive Vice President, International Exploration and Production at Equinor: "Azerbaijan has been an important part of Equinor's international portfolio for the past 30 years. Together with other partners of SOCAR and ACG, we have created great value for the partnership and Azerbaijani society. SOCAR is well-positioned to create longer-term value from its assets, and we appreciate the close collaboration over the years. Equinor is reshaping its international oil and gas business, and the divestment in Azerbaijan is in line with our strategy to focus on our international portfolio. ”
The closing of the transaction is subject to certain conditions, including all regulatory and contractual approvals. Equinor and SOCAR also signed a Memorandum of Understanding to share experiences and best practices in low-carbon solutions, reducing greenhouse gas emissions and carbon management. (Compiled by Xiao Chen).
For more exciting content, please visit WeChat*** Smart Energy Window