The Traderszone Network

Published in TZ Latest News 12 October, 2014 by The TZ Newswire Staff

Statoil exits Shah Deniz with $2.25 billion sale to Petronas

Norway’s Statoil (STL.OL) has sold its remaining 15.5 percent stake in the Shah Deniz gas project in Azerbaijan to Malaysia’s Petronas [PETRA.UL] for $2.25 billion as part of asset sales to shore up returns to shareholders. Like other oil majors, Statoil has been selling assets to protect margins eaten up by rising costs and, in recent weeks, falling oil prices. It earlier sold a 10 percent stake in Shah Deniz. Monday’s deal also includes Statoil’s stakes in a South Caucasus pipeline company and two other firms.