The Equinor Norwegian Energy Group announced the signing of an agreement on the sale of all its assets in Azerbaijan of the National Energy Company Socar.
According to Equinor, the existing assets of the company in the country include a 7.27 percent share in the largest oil basin Azerbaijan Azeri-Chirag-Guneshi (ACH), 8.71 percent stake in the Baku-Tbilisi-Jahan (BTD) pipeline and the Baku-Tbilisi pipeline 50 percent share in the oil field of Karabakh.
The statement that does not give detailed information on the amount of the sale is said that the transfer transactions will be completed after the completion of the necessary legal procedures and obtaining contract permits.
Equinor, which has been working in Azerbaijan since 1992, said this decision was made as a result of the process of reorganization of the company’s international oil and gas activity.