Equinor hopes to close deal on SOCAR assets sale this year

Norwegian Equinor plans to close the deal to sell its assets in the country to the State Oil Company of Azerbaijan (SOCAR) in 2024, Report informs referring to Interfax.

In the fourth quarter, Equinor recognized an impairment (loss) of $310 million related to its planned exit from projects in Azerbaijan.

On December 22, 2023, Equinor entered into an agreement with SOCAR to sell its assets in Azerbaijan. In particular, Equinor sold SOCAR 7.27% in the Azeri-Chirag-Gunashli block development project, 8.71% in the Baku-Tbilisi-Ceyhan oil pipeline, and 50% in the Karabakh field development project.