Malaysian oil and gas company Petronas has acquired a 15.5 percent interest in the Shah Deniz oil field, the U.S. – Azerbaijan Chamber of Commerce said Tuesday.
Petronas had entered a purchasing agreement with Statoil of Norway that would transfer that company's share in the field, worth $2.25 billion, to Petronas.
"The acquisition is part of our strategy to show our presence here, and is part of our long-term strategy to grow our business here." Petronas Azerbaijan Country Chair Zainal Abidin Zainudin said. "We are here for the long run, we are here to stay for as long as there is good business sense to be here."
Zainudin said the acquisition increases the company's strategic position in Azerbaijan.
field, approximately 45 miles from Baku, was discovered in the South Caspian Sea in 1999.
- ANELIK BANK - ARMENIA: IDBank has a new board chairman
- ABN AMRO SERVICES COMPANY: ABN AMRO to make more sustainability information available to investors
- CENTRAL BANK OF AZERBIJAN: The Central Bank trained primary school teachers as a pilot project
- BELARUS MINISTRY OF FOREIGN AFFAIRS: Belarusian Foreign Ministry hosts a round table on the occasion of the 100th anniversary of the modern Belarusian diplomatic service
- ARMECONOMBANK - ARMENIA: Armeconombank and singapore-Based EFA Financial Institutions Debt Fund PTE. LTD. Investment Company Signed a Loan Agreement
- ASIAN DEVELOPMENT BANK: ADB Sends Condolences to Indonesia in Wake of Tsunami Disaster
- ARDSHININVESTMENTBANK - ARMENIA: Ardshinbank announces New Year deposit
- AG BANK: Happy birthday, Mr. President!
- BASIS BANK - GEORGIA: Hurry up! The action started on mortgage loans in GEL!
- BALTIC INTERNATIONAL BANK - UKRAINE: Opening hours for the Christmas holidays