STAVANGER, Norway, Oct. 13 (UPI) -- Norwegian energy company Statoil said Monday it sold off its stake in the Shah Deniz gas field offshore Azerbaijan to Malaysia's Petronas for $2.25 billion.
"The divestment optimizes our portfolio and strengthens our financial flexibility to prioritise industrial development and high-value growth," Lars Christian Bacher, an executive vice president for international production at Statoil, said in a statement.
Statoil sold its 15.5 percent stake in the Shah Deniz production agreement and pipeline infrastructure in Azerbaijan. The Norwegian energy company said it produced about 38,000 barrels of oil equivalent per day from Shah Deniz during second quarter 2014 and would remain a committed player in the Azeri energy sector.
There was no statement on the transaction from Petronas. Statoil keeps some of its production interests in Azerbaijan and a stake in the Trans Adriatic Pipeline meant to deliver natural gas from Shah Deniz to the European market.
Shah Deniz will deliver about 560 billion cubic feet of natural gas per year, with sales scheduled for Georgia and Turkey in 2018 and the rest to Europe the following year.
Europe views Shah Deniz as a means to diversify a natural gas market dependent on Russia.
