The State Oil Company of the Republic of Azerbaijan (SOCAR) has acquired Itochu Corporation's 3.65% participating interest in the Azeri-Chirag-Gunashli (ACG) oil field block.
SOCAR announced the deal to Report.
According to the company, all necessary transaction documents have been signed, and the acquisition was completed in full compliance with applicable legislation, SOCAR's internal procedures, and the regulatory requirements set out under the relevant agreements.
Prior to the transaction, Itochu held a 3.65% stake in the ACG project. As a result of the acquisition, SOCAR's participating interest in the project has increased from 31.65% to 35.3%.
The current ownership structure of the ACG project is as follows: SOCAR – 35.30%, BP (operator) – 30.37%, MOL – 9.57%, INPEX – 9.31%, ExxonMobil – 6.79%, TPAO – 5.73%, and ONGC Videsh – 2.92%.
SOCAR President Rovshan Najaf said the ACG project has played a significant role in strengthening the energy security of Azerbaijan and the wider region for many years. He noted that the commencement of the first free natural gas production from the ACG block earlier this year marks a new stage in the project's development and creates additional opportunities to expand Azerbaijan's gas export potential.
Najaf also expressed appreciation for Itochu's long-standing contribution and partnership in the project, emphasizing that the strong cooperation, high operational standards, and mutual trust among the partners will continue to ensure the project's successful implementation.
Tetsuya Yamada, Executive Operating Officer and President of the Energy & Chemicals Company at Itochu Corporation, said the company became the first Japanese investor in Azerbaijan in 1996 and has built a strong partnership with SOCAR over the past three decades through the ACG project and other investments in the energy sector.
According to Yamada, the sale of Itochu's stake in ACG reflects the company's evolving strategic priorities and does not signify its withdrawal from Azerbaijan. Instead, he described the transaction as the beginning of a new phase in Itochu's partnership with SOCAR. He added that Azerbaijan will remain an important market for Itochu's investment and trading activities, and the company looks forward to expanding cooperation with SOCAR and exploring new business opportunities both in Azerbaijan and internationally.
SOCAR is Azerbaijan's largest integrated energy company, engaged in the exploration, production, processing, transportation, and marketing of oil and gas.
Founded in 1858, Itochu Corporation is one of Japan's leading trading and investment conglomerates. The company operates in approximately 61 countries, with business interests spanning energy, mining, automotive, chemicals, food, and a wide range of other industries.
https://report.az/energetika/socar-azeri-ciraq-gunesli-layihesinde-itochu-korporasiyasina-mexsus-istirak-payini-alib