BAKU, Azerbaijan, Aug. 3. Azerbaijan's state oil company SOCAR has acquired Japanese ITOCHU Corp's stake in the Azeri-Chirag-Gunashli offshore oilfield development project, SOCAR said.
The transaction was completed in accordance with applicable legislation, SOCAR's internal procedures and contractual obligations, the company said, adding that all relevant acquisition documents had been signed.
Prior to the deal, ITOCHU held a 3.65% participating interest in ACG. Following the acquisition, SOCAR's stake in the project increased from 31.65% to 35.3%.
SOCAR President Rovshan Najaf said ACG had made a significant contribution to Azerbaijan's and the region's energy security for many years.
"The start of production of the first non-associated natural gas from the ACG block earlier this year created new opportunities for the project's further development and for expanding Azerbaijan's gas production potential," he said.
Najaf thanked ITOCHU for its long-standing partnership and contribution to the project, expressing confidence that ACG would continue to develop successfully through the partners' joint efforts, high operational standards and mutual trust.
ITOCHU Chief Operating Officer and President of the Energy & Chemicals Company Tetsuya Yamada said the company had built a strong partnership with SOCAR since becoming the first Japanese company to invest in Azerbaijan in 1996.
He said the decision to transfer the stake reflected both ITOCHU's evolving strategic priorities and its commitment to deepening cooperation with SOCAR.
"The sale does not represent ITOCHU's withdrawal from Azerbaijan. Rather, it marks the beginning of a new phase in our partnership," Yamada said, adding that Azerbaijan would remain an important market for the company's investment and trading activities.
BP Exploration (Caspian Sea) Limited is the operator of the ACG production sharing agreement on behalf of the consortium partners.
Oil produced at ACG is exported via the Baku-Tbilisi-Ceyhan (BTC) pipeline and the Western Route Export Pipeline (WREP) through Azerbaijan, Georgia and Türkiye.
The ACG production sharing agreement was originally signed on Sept. 20, 1994, covering the development of the Azeri, Chirag and deepwater Gunashli fields in the Azerbaijani sector of the Caspian Sea.
