LUKOIL, an integrated oil company, agreed to acquire a 10% stake in Shah Deniz, a gas condensate field is located in the Azerbaijan sector, from PETRONAS, a Malaysian oil and gas company, for $1.45bn. The deal is expected to be closed in January 2022. The Shah Deniz gas condensate field is located in the Azerbaijan sector of the Caspian Sea, 70km southeast of Baku. The project is implemented under a PSA; commercial production there began in 2006.