Equinor announces that it has signed an agreement to sell all its remaining assets in Azerbaijan to SOCAR, the State Oil Company of the Republic of Azerbaijan.

The assets include a 7.27% non-operated interest in the Azeri Chirag Gunashli (ACG) oil fields in the Azerbaijani sector of the Caspian Sea, an 8.71% interest in the Baku-Tbilisi-Ceyhan (BTC) pipeline and a 50% interest in the Karabagh field.

SOCAR already holds a 25.0% stake in ACG, a 25.0% stake in BTC via Azerbaijan BTC Limited and 50% in Karabagh.

As a reminder, ACG, operated by bp, is the largest oil field in the Azerbaijan sector of the Caspian Basin, and the BTC pipeline is used to transfer crude oil to the Turkish Mediterranean coast.

' Together with SOCAR and the other ACG partners, we have created significant value for the partnership and for Azerbaijani society. SOCAR is well positioned to create more value from its assets over the long term, and we have appreciated the close collaboration over the years', said Philippe Mathieu, Equinor's Executive Vice President for International Exploration and Production.

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