SOCAR received $224 mln from sale of 15% stake in Absheron project to ADNOC

BAKU. June 27 (Interfax) - State Oil Company of the Azerbaijani Republic (SOCAR) received 381 million manat ($224 million) from the sale of a stake in the project to develop the Absheron gas condensate field to Abu Dhabi National Oil Company (ADNOC).

According to materials for SOCAR's consolidated financial statements for 2023, the transaction for the sale of a 15% stake in the project was closed on February 1, 2024.

ADNOC acquired a 30% stake in the project - 15% from each of SOCAR and TotalEnergies - in August 2023. SOCAR and TotalEnergies have held 35% each since completion of the deal.

The Absheron field is being developed by the Joint Operating Company of Absheron Petroleum B.V. (JOCAP) established by SOCAR Absheron (50%) and Total E&P Absheron (50%). The agreement was signed for a period of 30 years. The area under contract is 747 sq. km.

The Absheron block is located 100 km from Baku at a depth of 500 meters.

SOCAR also said that it had raised long-term and short-term loans from financial institutions totaling 2.529 billion manat or $1.488 billion at the current exchange rate since the beginning of 2024.

The company did not say what financial organizations had provided the loan funds, or for what purposes.