Dr Mahathir visits Petronas office in Azerbaijan

BAKU, Azerbaijan, Oct 26 — Prime Minister Tun Dr Mahathir Mohamad today visited Petroliam Nasional Bhd (Petronas) office in the Azerbaijan capital here.

Upon arrival, Dr Mahathir, who is here to attend the 18th Non-Aligned Movement (NAM) Summit, was briefed on Petronas operations in the country by its Country Head Najwa Aras.

Also present were Foreign Minister Datuk Saifuddin Abdullah and Malaysian Ambassador to Azerbaijan Datuk Yubazlan Yusof.

As one of the Fortune Global 500’s largest corporations in the world, Petronas presence among the oil and gas giants has changed the landscape of the industry in Azerbaijan.

Prior to 2014, the industry was monopolised by Western oil and gas companies such as British Petroleum (BP), Chevron, and TOTAL Statoil etc.

Pursuant to the establishment of the Embassy of Malaysia in Baku, Petronas had opened its operation here and acquired 15.5 per cent equity in the Shah Deniz II Production Sharing Agreement (SD) (PSA) from Norway’s Statoil for US$2.25 billion.

As a stakeholder in the PSA, Petronas also owns 15.5 per cent equity in the South Caucasus Pipeline Company Limited (SCPC) and 12.4 per cent stake in Azerbaijan Gas Supply Company Limited (AGSC).

— BERNAMA

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