Baku: SOCAR has acquired ITOCHU’s participating interest in the Azeri-Chirag-Gunashli (ACG) project. The relevant transaction documents regarding the purchase of the participating interest were signed, and the acquisition was carried out in compliance with the requirements of the legislation, SOCAR’s internal regulatory rules, as well as existing contractual obligations.
According to Azeri-Press News Agency, prior to the transaction, ITOCHU held a 3.65% participating interest in the ACG oil fields. As a result of the transaction, SOCAR’s participating interest in the ACG increased from 31.65% to 35.3%.
SOCAR President Rovshan Najaf stated that the ACG project has been contributing significantly to the energy security of Azerbaijan and the wider region for many years. The commencement of the first non-associated gas production from the ACG block this year opens new opportunities for the project’s future development and for enhancing Azerbaijan’s gas production potential. He expressed appreciation to ITOCHU for its valuable contribution to the project and its strong partnership over the years.
Tetsuya Yamada, Senior Operating Officer and Chief Operating Officer of the Energy and Power Solutions Division at ITOCHU Corporation, remarked that ITOCHU has built a strong partnership with SOCAR since becoming the first Japanese company to invest in Azerbaijan in 1996. Yamada noted that the divestment reflects ITOCHU’s evolving strategic priorities and their commitment to further deepening their partnership with SOCAR. He emphasized that Azerbaijan will remain an important market for ITOCHU’s investment and trading activities, and they look forward to strengthening their collaboration with SOCAR and pursuing new business opportunities both in Azerbaijan and internationally.