SOCAR acquires ITOCHU’s participating interest in Azeri-Chirag-Gunashli project
Baku, August 3, AZERTAC
SOCAR has acquired ITOCHU’s participating interest in the Azeri-Chirag-Gunashli (ACG) project.
The relevant transaction documents regarding the purchase of 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.
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 said: “The ACG project has been making a significant contribution to the energy security of Azerbaijan and the wider region for many years. At the same time, the commencement of the first non-associated gas production from the ACG block this year opens up new opportunities for the project’s future development and for further strengthening Azerbaijan’s gas production potential. We would like to express our sincere appreciation to ITOCHU for its valuable contribution to the project and its strong partnership over the years. We are confident that, through the joint efforts of all partners, adherence to the highest operational standards and a relationship built on mutual trust, the project will continue to deliver long-term success.”
Tetsuya Yamada, Senior Operating Officer, Chief Operating Officer - Energy & Power Solutions Division at ITOCHU Corporation, said: “Since becoming the first Japanese company to invest in Azerbaijan in 1996, ITOCHU has built a strong partnership with SOCAR over the past three decades through the ACG project and other energy-related investments. ACG has been an exceptionally successful project, and our decision to divest this long-standing asset to SOCAR reflects both ITOCHU’s evolving strategic priorities and our commitment to further deepening our partnership with SOCAR. Accordingly, this divestment does not represent an exit from Azerbaijan, but rather marks a new chapter in our partnership. Azerbaijan will remain an important market for ITOCHU’s investment and trading activities. We look forward to further strengthening our collaboration with SOCAR and jointly pursuing new business opportunities, both in Azerbaijan and in international markets.”
About SOCAR:
SOCAR, a global energy company headquartered in Azerbaijan, specializes in the extraction, processing, and distribution of energy resources. As the largest integrated energy enterprise in the South Caucasus region, the company has a significant presence worldwide, underscoring its importance in various international markets.
About ITOCHU:
ITOCHU Corporation is one of the biggest Japanese trading and investment conglomerates founded in 1858. With approximately 90 offices in 61 countries, ITOCHU engages in major investment and trading activities related to energy, minerals, industrial plants, automobiles, chemicals, food and other industries worldwide.
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