17:42 - 18.02.2022

---

February 18, Fineko/abc.az. LUKOIL confirmed that it had closed a deal to purchase a 9.99% stake in the Shah Deniz gas project from Petronas (Malaysia).

According to the company, the transaction amount amounted to $1.45 bn.

As a result of the transaction, LUKOIL increased its stake in the project from 10% up to 19.99%. Other participants of the project are: BP plc (29.99%, operator), TPAO - 19%, SOCAR - 14.35%, NICO - 10% and SGC - 6.67%.

In December 2021, LUKOIL announced amendments to the agreement on the acquisition of a stake in the Shah Deniz project from Malaysian company Petronas, signed in October 2021. In accordance with the new agreements, the share that LUKOIL will acquire in Shah Deniz has been reduced from 15.5% to 9.99%, and the transaction value has been proportionally reduced from $2.25 bn to $1.45 bn. The signing of these amendments was the result of negotiations on the implementation of the right of advantage within the framework of the partnership for the Shah Deniz project.