Akin Gump Advises LUKOIL in Acquisition of a 15.5% Interest in the Shah Deniz Natural Gas Project

(Moscow) - Akin Gump has advised PSJC LUKOIL in its acquisition of a 15.5% interest in the Shah Deniz natural gas project in the Azerbaijan sector of the Caspian Sea, from Malaysia's PETRONAS.

The transaction is valued at $2.25 billion, and the completion is subject to the fulfilment of certain conditions precedent, including approval by SOCAR, the State Oil Company of the Azerbaijan Republic. The transaction closed on October 7, 2021.

Following completion of the sale, LUKOIL's interest in the Shah Deniz natural gas project will increase to 25.5%. The other parties in the project are SOCAR, bp, Turkey's TPAO (Türkiye Petrolleri Anonim Ortaklığı), Iran's Switzerland-based NICO (Naftiran Intertrade Company) and the European Commission's SGC (Southern Gas Corridor).

For further details on the transaction, please click here.

The Akin Gump team was led by energy partner and partner in charge of the Moscow office Natalia Baratiants,with partner David Sweeney, senior counsel Alexander Trukhtanovand counsel Eduardo Canales.

Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

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