Lukoil to buy 9.99% of share in Shah Deniz project from Petronas

PJSC Lukoil announces the signing of amendments to the agreement concluded in October 2021 on the acquisition of a share in the Shah Deniz project from Petronas, Report informs.

In accordance with the new arrangements, the share to be acquired by Lukoil is reduced from 15.5% to 9.99% with a proportional decrease in the transaction value from $2.25 billion to $1.45 billion.

The conclusion of the amendments resulted from negotiations with the Shah Deniz project partners on the implementation of pre-emptive rights.

The deal is expected to be closed in January 2022.