Baku: 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.

According to Azerbaijan State 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. The commencement of the first non-associated gas production from the ACG block this year brings new opportunities for the project's development and enhances Azerbaijan's gas production potential. Najaf expressed appreciation to ITOCHU for its valuable contribution and strong partnership, emphasizing confidence in the project's continued success through collaborative efforts and mutual trust among partners.

Tetsuya Yamada, Senior Operating Officer and Chief Operating Officer of ITOCHU Corporation's Energy and Power Solutions Division, highlighted ITOCHU's long-standing partnership with SOCAR since becoming the first Japanese company to invest in Azerbaijan in 1996. Yamada noted that the divestment is aligned with ITOCHU's strategic priorities and does not signify an exit from Azerbaijan. Instead, it marks a new chapter in the partnership with SOCAR, with plans to strengthen collaboration and explore new business opportunities in Azerbaijan and international markets.