STATOIL SELLS SHAH DENIZ: $2.25 BLN
Statoil ASA (STL), Norway's biggest energy company, will sell its 15.5 percent stake in the Shah Deniz field in Azerbaijan to Malaysia's Petroliam Nasional Bhd for $2.25 billion as it seeks to reduce investment and prioritize high-value projects.
The transaction includes sales of the interests in the field's production-sharing agreement, the South Caucasus Pipeline Co. and its holding company, and a 12.4 percent stake in the Azerbaijan Gas Supply Co., the Stavanger-based company said in a statement today. The deal reduces Statoil's capital-expenditure commitments by about $4.3 billion as the Shah Deniz partners, led by operator BP Plc (BP/), invest to expand gas exports in…
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