Akin Gump has advised Lukoil on its acquisition of a 15.5% interest in the Shah Deniz natural gas project in the Azerbaijan sector of the Caspian Sea, from Malaysia’s Petronas.
According to Akin Gump, “the transaction is valued at USD 2.25 billion, and the completion is subject to the fulfillment of certain conditions precedent, including approval by SOCAR, the State Oil Company of the Azerbaijan Republic.” According to the firm, “following completion of the sale, Lukoil's interest in the Shah Deniz natural gas project will increase to 25.5%. The other parties in the project are SOCAR, BP, Turkey’s TPAO (Turkiye Petrolleri Anonim Ortakligi), Iran’s Switzerland-based NICO (Naftiran Intertrade Company), and the European Commission’s SGC (Southern Gas Corridor).”
Akin Gump’s team was led by Partner Natalia Baratiants and included Partner David Sweeney, Senior Counsel Alexander Trukhtanov, and Counsel Eduardo Canales.
Akin Gump did not reply to our inquiry on the matter.