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Mon, Oct. 13, 3:50 AM
- Norway's Statoil (NYSE:STO) has sold its remaining 15.5% holding in the Shah Deniz gas project in Azerbaijan and other assets to Malaysia's Petronas (OTC:PNADF) for $2.25B.
- The transaction also includes stakes in a South Caucasus pipeline company and two other firms.
- The deal is the latest in a series of sales by Statoil and other major oil companies, and since 2010, the Norwegian firm has offloaded $20B worth of assets.
- "(The) Shah Deniz divestment is yet another sign of credible strategy, (and is) positive," says Swedbank analyst Teodor Sveen Nilsen.
- The Shah Deniz field is operated by BP (NYSE:BP), with other partners including Lukoil. (PR)
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