Analysis:Why are the Norwegians leaving Azerbaijan?

The Norwegian State Oil Company Statoil sold its 15.5% interest in the "Shah Deniz" production sharing agreement, the same proportion in the South Caucasus Pipeline Company (SCPC) and the holding company SCPC, and 12.4% stake in the company for the supply of gas from Azerbaijan (AGSC) to the Malaysian oil and gas company PETRONAS. The total transaction value amounts to 2.25 billion dollars. 
"Giving up the equity optimizes our portfolio and strengthens our financial flexibility, gives priority to industrial development and high growth", - Lars Christian Barker, the executive vice president for international development and production in Statoil, stated. In recent years Statoil has strengthened its resource base and industrial instrument features. To increase the development potentialin the future , Statoil, realizing the significant value from the operations on the Norwegian continental shelf and at the international level, uses them. This optimization of the portfolio continues to increase the financial strength and flexibility leading its strategy to success. 

Full text available to premium subscribers only.

Buy full access for 24 hours now


Request a quote to subscribe for a longer period

Oil and Gas, Metals and Mining, News from Russia and neighbouring countries
12 Northfields Prospect; London, - SW18 1PE; United Kingdom
E 51° 27.454518" S 0° 14.101236"

Theme by Danetsoft and Danang Probo Sayekti inspired by Maksimer