Statoil sells stake in Shah Deniz gas project

Statoil sells stake in Shah Deniz gas project
Text size Aa Aa

Statoil exited Azerbaijan’s Shah Deniz gas project on Monday. The Norwegian company has sold a 15.5 percent stake to Malaysia’s Petronas for 2.25 billion dollars. The move is apart asset sales to shore up returns to shareholders.

As with other major oil companies Statoil has seen rising costs amid falling oil prices. It earlier sold a 10 percent stake in Shah Deniz.

The project is expected to supply 20 percent of the European Union’s needs in the long-term from proven gas reserves estimated at 1.2 trillion cubic metres.

Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.