Retronas liquidates its branch in Azerbaijan due to the withdrawal from the Shah Deniz project
14:32 07.04.2022 13331
Petronas Azerbaijan (Shah Deniz) is closing its branch in Azerbaijan. This was announced on Wednesday by the press center of the company.
In the fall of 2021, LUKOIL agreed to buy Petronas' stake (15.5%) in Azerbaijan's largest gas field, Shah Deniz in the Caspian Sea, for $2.25 billion.
But in the end, SOCAR bought 4.35% from Petronas, 1.16% from BP, and LUKOIL got only 9.99% for about $1.45 billion. The deal was closed in January 2022.
Thus, BP plc (29.99%, operator), LUKOIL (19.99%), TPAO (19%), SOCAR (14.35%), NICO (10%) and SGC (subsidiary of SOCAR, - 6.67%) are participating in the Shah Deniz project.
At the same time, Petronas has been successfully developing oil and gas fields in the Turkmen sector of the Caspian Sea since 1996 under the terms of a production sharing agreement. Since then, the company's investment in the project has exceeded $11 billion.
Petronas was among the sponsors of the International Investment Forum «Oil and Gas of Turkmenistan» held on March 29-30.
The work of the Interdepartmental Commission on the Caspian Sea was discussed at the Ministry of Foreign Affairs of Turkmenistan
The 63rd meeting of the Interdepartmental Commission of Turkmenistan on the Caspian Sea was held at the Ministry of Foreign Affairs on February 23. The meeting was attended by the relevant Vice-Chairmen of the Cabinet of Ministers of the country, the Director of the Caspian Sea Institute, heads of a number of ministries and specialized departments.
Products of oil refineries were sold at the auction
Last week, 35 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan.
The President of Turkmenistan and the Vice President of the UAE noted the active dynamics of cooperation in the energy, oil and gas and other spheres
The development of bilateral cooperation was discussed at a meeting on February 21 between the President of Turkmenistan Serdar Berdimuhamedov and the Vice President, Deputy Prime Minister, Minister of the Presidential Administration of the United Arab Emirates Sheikh Mansour bin Zayed Al Nahyan, who arrived in our country on a visit, TDH reports.
Dynamic development of national investments is carried out at the fields of Turkmenistan
Vice-Chairman of the Cabinet of Ministers Shakhym Abdrakhmanov, during an extended meeting of the government last Friday, reported on the work carried out by the oil and gas complex to increase oil and natural gas production, as well as the timely development of national investments in the coming years.
Liquefied gas and jet fuel were sold abroad at the auctions, and polypropylene and base oil were sold to the domestic market
27 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan last week.