Equinor expects to close sale of assets in Azerbaijan to SOCAR in middle of 2024

BAKU. March 22 (Interfax) - Equinor plans to close the sale of its assets in Azerbaijan to State Oil Company of the Azerbaijani Republic (SOCAR) in the middle of 2024.

"Closing is expected to take place in mid-2024," the Norwegian company said in its annual report.

Equinor said earlier in a financial report for Q4 2023 that closing was expected "during 2024."

Equinor recognized net impairments of $310 million in Q4, mainly related to the announced sale of assets and exit from Azerbaijan.

Equinor and SOCAR signed an agreement in December 22 last year for the sale of Equinor's 7.27% stake in the Azeri Chirag Gunashli (ACG) oil fields, 50% in the Karabagh field and 8.71% in the Baku-Tbilisi-Ceyhan (BTC) oil pipeline.

Prior to the deal, SOCAR had a 25% stake in ACG, 25% in BTC, and 50% in the Karabagh field.