Petronas Azerbaijan (Shah Deniz) is closing its branch in Azerbaijan. the online newspaper of the Oil and Gas Complex of Turkmenistan reported on Wednesday, citing a press release from the company.
Last fall, the Russian company LUKOIL agreed to buy Petronas' stake (15.5%) in Azerbaijan's largest gas field Shah Deniz in the Caspian Sea for $2.25 billion.
But in the end, the Azerbaijani oil company SOCAR bought 4.35% from Petronas, and the British BP – 1.16%. Lukoil got only 9.99% for about $1.45 billion. The deal was closed in January this year.
Thus, the Shah Deniz project involves BP plc (29.99%, the operator), LUKOIL (19.99%), TPAO (19%), SOCAR (14.35%), NICO (10%) and SGC (a subsidiary of SOCAR, – 6.67%).
At the same time, Petronas has been successfully developing oil and gas fields in the Turkmen sector of the Caspian Sea since 1996 under the terms of a production sharing agreement. Since then, the company's investments in the project have exceeded $11 billion.