LUKOIL not interested in becoming Shah Deniz operator

By Trend

After buying 9.99 percent of share of Malaysian Petronas in Azerbaijan’s Shah Deniz giant gas and condensate field, Russia’s LUKOIL company will not try to become the project operator by acquiring greater share, the company’s president Vagit Alekperov told reporters.

He noted that LUKOIL is satisfied with the current share in Shah Deniz, Trend reports with reference to TASS.

“We are satisfied with bp’s mission as the project operator,” noted LUKOIL’s president.

Alekperov noted that the deal with Petronas has already been signed and the payment will be made in the first quarter of 2022.

LUKOIL earlier announced the signing of amendments to the agreement concluded in October 2021 on the acquisition of a share in the Shah Deniz project from PETRONAS, Trend reports with reference to LUKOIL.

“In accordance with the new arrangements, the share acquired by LUKOIL is reduced from 15.5 percent to 9.99 percent with 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 implementation of pre-emptive rights,” said the company.