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Statoil sells Shah Deniz stake for $2.25bn to Petronas

Published October 13, 2014 Updated October 13, 2014 06:01am

1 min

By Shoaib Ur Rehman

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OSLO: Norway's Statoil has sold a 15.5 percent stake in the Azeri gas project Shah Deniz to Malaysia's Petronas for $2.25 billion, the latest asset the firm is selling to protect its cash flow and returns to shareholders.

The deal also includes Statoil's stake in the pipeline carrying gas to markets and two related companies.

Its second-quarter production from the Shah Deniz field was 38,000 barrels oil equivalent per day, it said.

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