Petronas to sell shares in three South Caucasus projects to Statoil

Petronas (Malaysia) will sell 15.5% of shares in Shah Deniz, 15.5% in the South Caucasus Pipeline Company (SCPC) and SCPC Holding Company managing the South Caucasus Pipeline project and 12.4% of Azerbaijan Gas Supply Company (AGSC) to Statoil (Norway), TASS reports.

The deal is worth a total of $2.25 billion. It will be concluded in early 2015. The deal will come into force on January 1, 2015.

Statoil Vice President Lars Christian Bacher said that the decision will optimize the portfolio and improve financial flexibility of the company. He emphasized that Azerbaijan remained a key element of the portfolio.

Petronas (Malaysia) will sell 15.5% of shares in Shah Deniz, 15.5% in the South Caucasus Pipeline Company (SCPC) and SCPC Holding Company managing the South Caucasus Pipeline project and 12.4% of Azerbaijan Gas Supply Company (AGSC) to Statoil (Norway), TASS reports.The deal is worth a total of $2.25 billion. It will be concluded in early 2015. The deal will come into force on January 1, 2015.Statoil Vice President Lars Christian Bacher said that the decision will optimize the portfolio and improve financial flexibility of the company. He emphasized that Azerbaijan remained a key element of the portfo