(MENAFN) Statoil announced selling its remaining 15.5 percent stake in Azerbaijani Shah Deniz gas project to Malaysian Petronas for USD2.25 billion, Oman Observer reported.
The move comes as part of the Norwegian oil firm plan to sell assets in order to shore up returns to shareholders, along with protecting margins eaten up by rising costs and falling oil prices.
"The divestment optimizes our portfolio and strengthens our financial flexibility to priorities industrial development and high-value growth," Statoil's head of development and production activities said.
Statoil will keep an 8.56 percent stake in the ACG field in Azerbaijan which is operated by BP and a 20 percent stake in the Trans Adriatic Pipeline (TAP), which will transport Azeri gas to European markets.
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