LUKOIL Reports on Amended Terms of Share Acquisition in Shah Deniz Project

Source: www.gulfoilandgas.com 12/10/2021, Location: Asia

PJSC "LUKOIL" announces the signing of amendments to the agreement concluded in October 2021 on the acquisition of a share in the Shah Deniz project from PETRONAS. In accordance with the new arrangements, the share acquired by LUKOIL is reduced from 15.5% to 9.99% with proportional decrease in the transaction value from $2.25 billion to $1.45 billion. The conclusion of the amendments resulted from negotiations with the Shah Deniz project partners on implementation of pre-emptive rights.

The deal is expected to be closed in January 2022.


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