SOCAR acquires Equinor’s shares in Azerbaijan

On December 22, 2023, a meeting was held between the President of the State Oil Company of Azerbaijan Republic (SOCAR), Rovshan Najaf, and the delegation led by Equinor’s Executive Vice President for International Exploration and Production, Philippe Mathieu, Report informs, citing SOCAR.

During the meeting, agreements were signed for SOCAR's acquisition of Equinor’s shares in the Azeri-Chirag-Gunashli (ACG) and Karabakh fields, as well as the Baku-Tbilisi-Ceyhan (BTC) pipeline project.

Before the acquisition, Equinor held a 7.27% stake in the ACG oil fields, an 8.71% interest in the BTC pipeline, and 50% in the Karabakh field. Previously, SOCAR had a 25% stake in ACG, 25% in BTC, and 50% in the Karabakh field.

The transactions will be completed following compliance with all regulatory requirements and contractual obligations.

The meeting concluded with the signing of a Memorandum of Understanding between SOCAR and Equinor, signifying a mutual collaboration in decarbonization and green energy.