PJSC LUKOIL (MISX:LKOH)?concluded an agreement to acquire an additional 15.5% stake in Shah Deniz natural gas project in the Azerbaijan Sector of the Caspian Sea from Petroliam Nasional Berhad in a transaction valued at $2.3 billion on October 7, 2021. Prior to the transaction, PJSC LUKOIL held 10% stake and after the transaction, it will hold 25.5% stake in the project. The completion of the transaction is subject to fulfilment of conditions precedent, including approval the State Oil Company of the Azerbaijan Republic. Natalia Baratiants, David Sweeney, Alexander Trukhtanov and Eduardo Canales of Akin Gump Strauss Hauer & Feld LLP acted as legal advisors to PJSC LUKOIL.