Oil and gas company Petronas Azerbaijan (Shah Deniz) S.A.R.L. closes its branch in Azerbaijan, haqqin.az reported, with reference to the press service of the company.

Last fall, LUKOIL and Petronas agreed on the purchase of the company's share (15.5%) in the largest gas field in Azerbaijan - Shah Deniz, the transaction was valued at $2.25 billion. As a result, LUKOIL bought 9.99% of the share for $1.45 billion, SOCAR bought 4.35% and BP bought 1.16% of the share of Petronas. The deal was closed in January 2022.   

Now the stakes in the project are distributed as follows: BP plc - 29.99%, LUKOIL - 19.99%, TPAO - 19%, SOCAR - 14.35%, NICO - 10% and SGC (subsidiary of SOCAR) - 6.67%.

Earlier State Oil & Gas Company of Malaysia Petronas confirmed the seizure of property in Luxembourg of its two subsidiaries, managing gas assets in Azerbaijan, worth $2 billion. Bailiffs sealed the offices of these companies.

Petronas has confirmed that two of his overseas subsidiaries mentioned in a report yesterday were served with seizure orders on 11 July 2022.

"Petronas wishes to clarify that these subsidiaries, PETRONAS Azerbaijan (Shah Deniz) S.à r.l. and PETRONAS South Caucasus S.à r.l., have previously divested their entire assets in the Republic of Azerbaijan and the proceeds from the exercise have been duly repatriated," it added.