11:15 - 18.11.2025

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November 18, Fineko/abc.az. Lukoil (Russia) will try to sell its 19.99% stake in Shah Deniz Project by December 13 because of U.S sanctions.

ABC.AZ informs that after the sanctions come into force, all international banking operations of the company will be closed, and this will not allow Lukoil to fulfill its obligations within the project.

After December 13, the company will not be able to fulfill its financial obligations, called a “cash call". This payment part represents funds allocated for the continuation of the project, and is carried out only in US dollars. Failure to meet obligations puts Lukoil at risk of default from February 13, 2026.

Shah Deniz Project is of strategic importance to the company. In 2022, Lukoil increased its stake to 19.99% by purchasing an additional 9.9% of Petronas shares for $1.45 billion. Currently, annual production at the field reaches 28 bcm, and it is expected that the company will receive several billion dollars from the sale of its stake.

To date, 270 bcm of gas have been extracted from Shah Deniz, with total reserves of around 1.2 trillion cu m.

According to the source, American companies are listed as the most serious contenders for Lukoil's share. They are not currently involved in the project and are looking for new access opportunities.