Russia's Lukoil buys Petronas stake in Azerbaijan for over RM9b

The Shah Deniz gas condensate field is located in the Azerbaijan sector of the Caspian Sea, 70 kilometres southeast of Baku.

KUALA LUMPUR: Russian multinational energy corporation, PJSC Lukoil Oil Companyhas bought a 15.5% stake in the Shah Deniz natural gas project in the Azerbaijan sector of the Caspian Sea from Petroliam Nasional Bhd (Petronas).

In a statement posted on its website on Thursday, the value of the transaction will amount to US$2.25bil (RM9.41bil) , and the completion is subject to fulfilment of conditions precedent, including approval by SOCAR, the State Oil Company of the Azerbaijan Republic.