Statoil and the Malaysian oil and gas company PETRONAS completed their transaction, announced previously on October 13, 2014.

The sale involved the transfer of Statoil’s 15.5% participating interest in the Shah Deniz production sharing agreement, 15.5% share in the South Caucasus Pipeline Company (SCPC), 15.5% share in the SCPC holding company, and 12.4% share in the Azerbaijan Gas Supply Company (AGSC).

The closure of the transaction follows the satisfaction of all conditions precedent, with an effective date of 1 January 2014.

Following this transaction the State Oil Company of Azerbaijan, SOCAR, will assume operatorship of AGSC and commercial operatorship of SCPC as of May 1, 2015, which have both previously been held by Statoil.