BAKU, Azerbaijan, January 22. The deal to sell the assets of Norway’s Equinor company in Azerbaijan to the state oil company SOCAR also includes the Ashrafi-Dan Ulduzu-Aypara (ADUA) structure, a source at Equinor told Trend.
“As you know, we have agreed with SOCAR to sell and transfer all our assets in Azerbaijan to them. This also includes ADUA,” said the source.
“Unfortunately, we cannot estimate any timeline for when the transaction will be completed and the entities are liquidated. We are committed to completing these processes in accordance with all legal, regulatory and contractual obligations,” the source explained.
In late December 2023, SOCAR acquired Equinor’s shares in Azeri-Chirag-Gunashli, Karabakh fields, and Baku-Tbilisi-Ceyhan project.
Before the acquisition, Equinor held a 7.27% stake in the ACG oil fields, an 8.71% interest in the BTC pipeline, and 50% in the Karabakh field. Previously, SOCAR had a 25% stake in ACG, 25% in BTC, and 50% in the Karabakh field.
The transactions will be completed following compliance with all regulatory requirements and contractual obligations.
Equinor has started liquidation of its local companies in Azerbaijan.
Follow the author on X: @Lyaman_Zeyn