Russian oil company Lukoil completed a deal to acquire an additional 9.99% interest in Shah Deniz gas project for $1.45 billion, the company announced on Friday.
The Shah Deniz gas field is located in the Azerbaijan sector of the Caspian Sea, 70 kilometers southeast of capital Baku.
Lukoil bought the shares from Malaysian oil and gas giant Petronas.
After the completion of the deal, Lukoil's share in the project increased to 19.99% from 10%.
Other parties to the project include bp with 29.99% as operator, Turkish Petroleum with 19% and Azerbaijan's national oil company SOCAR with 14.35%.
Iran's Naftiran Intertrade Company (NICO) and SOCAR's subsidiary SGC hold 10% and 6.67% shares respectively.
Last year, Shah Deniz consortium extracted 22.7 billion cubic meters of gas and 4.2 million tonnes of oil and gas condensate.
The gas is sold to Georgia and Turkey as well as national consumption in Azerbaijan. Since December 2020, it is also delivered to Europe.
By Zeynep Beyza Kilic