SOCAR buys Equinor's assets in Azerbaijan

The State Oil Company of Azerbaijan (SOCAR) today signed documents on the acquisition of shares of the Norwegian company Equinor in the Azeri-Chirag-Guneshli (ACG), Garabagh and Baku-Tbilisi-Ceyhan (BTC) fields, Azernews reports.

It is reported that SOCAR President Rovshan Najaf met with a delegation headed by Equinor's Executive Vice President for International Exploration and Production, Philip Matio.

It should be noted that before the purchase and sale of shares, Equinor held a 7.27% stake in the ACG oil field, 8.71% in the BTC pipeline, and 50% in the Garabagh field. SOCAR's share in ACG amounted to 25%, in BTC - 25%, and in the Garabagh field - 50%.

The acquisition of the stakes will be subject to compliance with all regulatory requirements and contractual obligations.

At the meeting, Equinor and SOCAR signed a Memorandum of Understanding on cooperation in decarbonisation and green energy.