Statoil Sells 15.5% Share In Shah Deniz To PETRONAS For $2.2 Bln - Quick Facts

(RTTNews) - Statoil (STO) Monday said it has sold its 15.5 percent participating interest in the Shah Deniz production sharing agreement, 15.5 percent share in the South Caucasus Pipeline Company or SCPC, 15.5 percent share in the SCPC holding company, and 12.4 percent share in the Azerbaijan Gas Supply Company or AGSC to the Malaysian oil and gas company PETRONAS. The transaction value is $2.25 billion.

"The divestment optimises our portfolio and strengthens our financial flexibility to prioritise industrial development and high-value growth," said Lars Christian Bacher, executive vice president for Development and Production International in Statoil.

Statoil's second-quarter production in 2014 from the Shah Deniz field was 38,000 barrels of oil equivalent per day.

The company said it remains committed to its business in Azerbaijan, which continues to play an important role in Statoil's international portfolio.

The effective date is January 1, 2014. The transaction is expected to be closed early 2015, subject to approval from the relevant authorities.