By Jaime Llinares Taboada

Lukoil PJSC said Friday that it will acquire a 9.99% shareholding in the Shah Deniz natural-gas project offshore Azerbaijan from Petronas instead of the 15.5% stake previously announced.

The Russian energy company said the original deal was amended after negotiations with project partners on the implementation of pre-emptive rights.

As a result, the transaction value for Lukoil has been reduced to $1.45 billion from $2.25 billion.

The deal is expected to close in January.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

12-10-21 0528ET