Equinor discloses date for completion of asset sale in Azerbaijan

The Norwegian energy company Equinor is set to complete the sale of its assets in Azerbaijan to the State Oil Company of Azerbaijan (SOCAR) in mid-2024, Report informs with reference to the company's annual report for 2023.

Equinor stated in the financial report of the fourth quarter of 2023 that the sale of assets will be completed in 2024.

At the end of last year, Equinor lost $310 million due to the planned withdrawal from projects in Azerbaijan.

On December 22, 2023, Equinor signed a contract with SOCAR to sell its assets in Azerbaijan. The contract entailed Equinor’s sale of its 7.27% interest in the ACG (Azeri-Chirag-Guneshli) consortium, an 8.71% stake in the BTC (Baku-Tbilisi-Ceyhan) pipeline, and a 50% share in the Karabakh oil field project.

Before the deal was signed, SOCAR’s holdings included a quarter of both the ACG and BTC ventures, alongside a 50% interest in the Karabakh field.