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

BAKU. Feb 7 (Interfax) - Equinor plans to close the sale of its assets in Azerbaijan to State Oil Company of the Azerbaijani Republic (SOCAR) in 2024.

"Closing is expected during 2024," the Norwegian company said in a financial report for Q4 2023.

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.