Lukoil shells out $1.5 B to raise stake in Azeri gas project
2/18/2022
Lukoil has closed a deal to buy a 9.99% stake in Azerbaijan's Shah Deniz natural gas project from Malaysian oil and gas company Petronas for $1.45 B, it said on Friday.
Lukoil had been set to buy a 15.5% stake from Petronas for $2.25 B but reduced the transaction after other project shareholders BP and Azeri SOCAR, claimed their pre-emptive rights.
After Friday's completion of the deal Lukoil owns 19.99% in Shah Deniz, BP as operator controls 29.99%, with TPAO owning 19%, SOCAR 14.35%, NICO 10% and SGC the remaining 6.67%.
Reporting by Katya Golubkova; Editing by David Goodman
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