15:53 - 10.12.2021

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December 10, Fineko/abc.az. SOCAR increases its equity stake in the Shah Deniz and South Caucasus Gas pipeline (Baku-Tbilisi-Erzurum) projects.

ABC.AZ reports with reference to SOCAR that after Petronas decided to sell its share in the PSA for the exploration and development of the Shah Deniz field, SOCAR, in accordance with the provisions on preferential rights under the agreement between the project partners, acquired a 4.35% stake owned by Petronas. The remaining 15.5% of Petronas’ shares were acquired by Lukoil and project operator BP.

Thus, its direct stake in the Shah Deniz project will increase up to 14.35%, and its indirect stake up to 21.02%.

"The deal is expected to close by the end of January 2022," SOCAR emphasizes.

In addition, Southern Gas Corridor CJSC, 51% of which is owned by the Ministry of Economy of Azerbaijan and 49% by SOCAR, also has a 6.67% stake in the Shah Deniz project.