SOCAR acquires ITOCHU’s 3.65% interest in ACG project

Azerbaijan’s state oil company SOCAR has acquired ITOCHU’s 3.65% participating interest in the Azeri-Chirag-Gunashli oilfield project, SOCAR said.

The parties signed the relevant transaction documents, and the acquisition was completed in accordance with applicable legislation, SOCAR’s internal regulations and existing contractual obligations.

Before the transaction, Japan’s ITOCHU held a 3.65% participating interest in ACG.

Following the acquisition, SOCAR’s interest in the project increased to 35.3% from 31.65%.

The value of the transaction was not disclosed.

N.Tebrizli