Petronas buys Statoil's assets for $2.25bn

Petroliam Nasional Bhd (Petronas) is acquiring stakes in three oil and gas companies and a production sharing agreement from Norway-based Statoil ASA to strengthen its presence in the central Asian region.
Statoil had sold 15.5 present participating interests in the Shah Deniz production sharing agreement, 15.5 percent share in the South Caucasus Pipeline Company (SCPC), 15.5 percent share in the SCPC holding company, and 12.4 percent in the Azerbaijan Gas Supply Company for USD 2.25 billion, Petronas said in statement.
"The divestment optimizes our portfolio and strengthens our financial flexibility to priorities industrial development and high-value growth," it added.
Petronas added that it would continuously evaluate opportunities and review its business portfolio to remain agile and resilient in the fast-changing global oil and gas industry.
The Central Asian region is an important component of the company's worldwide strategy; Petronas has also recently signed a memorandum of understanding in Azerbaijan with the state oil company of Azerbaijan.
The Shah Deniz field was discovered in 1999, It is located on the deep water shelf of the Caspian Sea.
Last month, Petronas announced tie-ups with Mexican national oil company, Petroleos Mexicanos and Argentinian national oil company, as part of its aspirations for growth in the Americas.
For the first six months of 2014, Petronas' net profit rose 14.75 percent, as revenue climbed 12.12 percent, courtesy of higher oil and gas production, sales of petroleum and LNG products and a favorable exchange rate.