Equinor sells remaining assets in Azerbaijan to SOCAR: stakes in ACG, Karabagh field and BTC pipeline

MOSCOW. Dec 22 (Interfax) - State Oil Company of the Azerbaijani Republic (SOCAR) has bought Equinor's stakes in the Azeri Chirag Gunashli (ACG) oil fields, the Karabagh field and Baku-Tbilisi-Ceyhan (BTC) oil pipeline, SOCAR said in a press release.

"A meeting was held On December 22, between SOCAR President Rovshan Najaf, and a delegation led by Equinor's Executive Vice President for International Exploration and Production, Philippe Mathieu. During the meeting, agreements were signed for SOCAR's acquisition of Equinor's shares in the ACG and Karabagh fields, as well as the BTC pipeline project," it said.

Equinor held a 7.27% stake in the ACG oil fields, an 8.71% interest in the BTC pipeline, and 50% in the Karabagh field prior to the deal.

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

"The transactions will be completed following compliance with all regulatory requirements and contractual obligations," SOCAR said.

The companies also signed a Memorandum of Understanding on decarbonization and green energy.

"Equinor is in the process of re-shaping its international oil and gas business, and the divestments in Azerbaijan are in line with our strategy to focus our international portfolio," the Norwegian company quoted Philippe Mathieu, its executive vice president for international exploration and production, as saying.

"Azerbaijan has been an important part of Equinor's international portfolio over the past 30 years. Together with SOCAR and the other partners in ACG, we have created significant value for the partnership and for the Azerbaijani society. SOCAR is well positioned to create further value from the assets for the longer-term and we have appreciated the close collaboration over the years," he said.