White & Case advises Southern Gas Corridor CJSC on sale of stake in Shah Deniz Production Sharing Agreement

Global law firm White & Case LLP has advised Southern Gas Corridor CJSC (SGC) on the sale and purchase agreement with MVM Group, an energy company owned by the Republic of Hungary, for the sale of a 5 percent stake in the Production Sharing Agreement for Shah Deniz offshore gas-condensate field and a 4 percent stake in Azerbaijan Gas Supply Company Limited (AGSC), the special-purpose vehicle established for the marketing and sale of natural gas produced from Shah Deniz gas-condensate field.

“Azerbaijan’s role as a key supplier of gas for European markets is further affirmed by this transaction, signifying long-term cooperation and the emergence of a new player in the Azerbaijani energy market,” said White & Case partner Mukund Dhar, who co-led the Firm’s deal team.

Shah Deniz is one of the world’s largest natural gas-condensate fields and was discovered in 1999. The field is located on the deepwater shelf of the Caspian Sea and Shah Deniz facilities can produce up to 29 billion cubic meters of natural gas and roughly 60 million barrels of condensate annually. The Shah Deniz project is set up as an unincorporated joint venture partnership operated by BP. The sale agreement was signed during Baku Energy Week.

White & Case partner Kamilla Azamat said: “This transaction is significant for SGC and the future development of the Shah Deniz project. It further strengthens Azerbaijan’s reputation as an attractive environment for foreign investment and highlights the country’s role as a major player in the global energy market.”

The White & Case team that advised on the transaction was led by partners Mukund Dhar and Margot Berry (both London) and included partners Kamilla Azamat, Jessica Kemp, Emiko Singh, Swati Tripathi (all London) and Sara Nordin (Brussels, Stockholm) and associates David Murray, Iman Adebowale, Nick Falconer, Asad Khan, Ed Pearson and Benjamin Rodin (all London).

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