Equinor is Exploring the Possibility of Selling Assets in Azerbaijan for $1 Billion
The Norwegian company Equinor ASA is studying the possibility of selling its activities in Azerbaijan, including a stake in the largest oil project Azeri-Chirag-Guneshli, Bloomberg reports citing informed sources.
“Norwegian energy company is working with Jefferies Financial Group Inc. to assess buyer interest in assets, including a 7.27% stake in the Azeri-Chirag-Guneshli block, sources said.” According to them, as a result of the transaction, assets can be valued at about $1 billion,” Interfax-Azerbaijan notes with reference to the agency.
The agency’s sources note that bids for Equinor’s assets should be submitted in the coming weeks, “discussions are ongoing and there is no certainty that they will lead to a deal.”
Equinor has been operating in Azerbaijan since 1992, and we are one of the largest foreign investors in the country’s economy. Today, Equinor has a 7.27% stake in the Azeri-Chirag-Guneshli block development project, as well as in the Baku-Tbilisi-Ceyhan pipeline with a share of 8.71%.
SOCAR and Equinor on May 31, 2018 in Baku signed a Production Shearing Agreement (PSA, PSA) for the exploration and development of a block of prospective structures Ashrafi – Dan Ulduzu-Aypara and a Risk Service Contract for the development of the Karabakh field. To implement the project, SOCAR and Equinor created an operating company on parity shares (50% to 50%).
