Equinor Expects To Close The Deal To Sell Assets To SOCAR In Azerbaijan In Mid-2024
Norwegian Equinor plans to close the deal to sell SOCAR (State Oil Company of Azerbaijan) its assets in Azerbaijan in mid-2024.
“The closure (of the transaction – IF) is expected in mid-2024,” Interfax-Azerbaijan cites excerpts from Equinor’s integrated annual report for 2023.
In its fourth-quarter 2023 report released in February, the company noted that it expects the deal to close in 2024.
In the fourth quarter, Equinor recognized an impairment (loss – IF) in the amount of $310 million associated with the planned exit from projects in Azerbaijan.
As previously reported, on December 22, 2023, Equinor entered into an agreement with SOCAR to sell its assets in Azerbaijan to the State Oil Company. In particular, Equinor sold SOCAR 7.27% in the Azeri-Chirag-Gunashli (ACG) block development project, in the Baku-Tbilisi-Ceyhan (BTC) oil pipeline – 8.71%, in the Karabakh field development project – 50%.
SOCAR’s share in these projects before the deal with Equinor was as follows: in ACG – 25%, in BTC – 25%, in Karabakh – 50%.
