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  • SOCAR is to increase its participation in Shah Deniz and South Caucasus Pipeline projects
    édité le 10/12/2021 - Plus de news de "Socar" - Voir la fiche entreprise de "Socar"


SOCAR is to increase its participation in Shah Deniz and South Caucasus Pipeline projects
Following Petronas’s decision to sell its stakes in the production sharing agreement for the exploration and development of the Shah Deniz field in the Azerbaijani sector of the Caspian Sea, SOCAR acquired 4.35% of stakes from Petronas in accordance with the terms of the agreement between Shah Deniz project partners. LUKOIL and bp, both partners at Shah Deniz consortium, acquired the other part of Petronas’s 15.5% stakes in the project.

Ultimately, SOCAR's direct participation in the project is growing to 14.35%. The respective agreement is expected to enter into force in January 2022. Apart from this, the Ministry of Economy of Azerbaijan and SOCAR hold 51% and 49% shares in Southern Gas Corridor Closed Joint-Stock Company, which in turn has a 6.67% stake in Shah Deniz project.

Along with the shift in stakes of companies in the Shah Deniz project, equivalent changes took place in the distribution of stakes between companies in the South Caucasus Pipeline, one of the segments of the Southern Gas Corridor.

The production sharing agreement (PSA) for the exploration and development of the Shah Deniz prospect in the Azerbaijani sector of the Caspian Sea was signed on June 4, 1996 between SOCAR and a consortium of international companies. The field is located in the Azerbaijani sector of the Caspian Sea, 70 kilometers southeast of Baku. The final investment decision on the second phase of development of the Shah Deniz field and the Southern Gas Corridor was announced on the 17th of December 2013. In 2018, first natural gas produced under Shah Deniz 2 project was delivered to Turkey. Starting from December 31, 2020, natural gas from Shah Deniz field is being supplied to European countries via the Southern Gas Corridor.

About SOCAR

SOCAR is one of the leading international energy companies. In order to ensure the economic interests of the Azerbaijani people, SOCAR is a major operator and participant in a number of transnational projects across the country and abroad. The company is active in all the oil and gas industry value chains. Exploration of oil and gas fields, production, processing and transportation of oil, gas and gas condensate constitute the main part of the operations of SOCAR. SOCAR also exports natural gas, oil and petrochemical products to the country's market, as well as international markets. The company's goal is to become a vertical integrated international energy company with advanced experience in the field of effective operation, social and environmental responsibility. As an important EU energy supplier, SOCAR plays a special role in the sustainable economic development of Europe.

About Petronas

Established in 1974, Petroliam Nasional Berhad (PETRONAS) is a global energy and solutions company, ranked amongst the largest corporations on Fortune Global 500®️. As an integrated global LNG producer with over 37 years of experience, PETRONAS provides an uninterrupted supply of LNG to more than 25 countries around the world. PETRONAS has safely delivered more than 11,000 cargoes globally, sourced from its portfolio of facilities located in Malaysia, Australia and Egypt. PETRONAS is also the first global energy player to introduce the floating LNG concept in 2016, the PFLNG SATU, and introduced its deep-water FLNG, the PFLNG DUA, in 2021.


Origine : Communiqué Socar

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