SOCAR buys Equinor's assets in Azerbaijan
Asim Aliyev
Read moreThe State Oil Company of Azerbaijan (SOCAR) today signed documents on the acquisition of shares of the Norwegian company Equinor in the Azeri-Chirag-Guneshli (ACG), Garabagh and Baku-Tbilisi-Ceyhan (BTC) fields, Azernews reports.
It is reported that SOCAR President Rovshan Najaf met with a delegation headed by Equinor's Executive Vice President for International Exploration and Production, Philip Matio.
It should be noted that before the purchase and sale of shares, Equinor held a 7.27% stake in the ACG oil field, 8.71% in the BTC pipeline, and 50% in the Garabagh field. SOCAR's share in ACG amounted to 25%, in BTC - 25%, and in the Garabagh field - 50%.
The acquisition of the stakes will be subject to compliance with all regulatory requirements and contractual obligations.
At the meeting, Equinor and SOCAR signed a Memorandum of Understanding on cooperation in decarbonisation and green energy.
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