17:45 - 9.12.2021

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December 9, Fineko/abc.az. BP has decided to increase its holding in the giant Shah Deniz gas field in the Caspian offshore Azerbaijan.

ABC.AZ was informed at the company that a decision was made through negotiations with the Shah Deniz partners on implementation of BP’s pre-emptive rights on PETRONAS previously announced sale of its share.

The company has entered into an agreement to purchase from Petronas a 1.16% interest in the BP-operated Shah Deniz field for $168 million based on the same commercial terms of the Shah Deniz transaction announced earlier by PETRONAS. As a result, BP will hold a 29.99% interest in Shah Deniz and will remain the operator of the field.

The transaction is expected to be finalised by the end of January 2022.