SOCAR buys ITOCHU's 3.65% ACG stake, raising its share to 35.3%
- ITOCHU sold its 3.65% participating interest in the Azeri‑Chirag‑Gunashli (ACG) oil fields.
- SOCAR’s participating interest in ACG increased from 31.65% to 35.3% following the acquisition.
- Transaction documents were signed and the acquisition was carried out in compliance with legislation, SOCAR’s internal rules and existing contractual obligations.
- ACG began first non‑associated gas production this year, creating new development opportunities for the project.
Transaction details
SOCAR has acquired ITOCHU’s 3.65% participating interest in the Azeri‑Chirag‑Gunashli (ACG) project. The relevant transaction documents were signed, and the acquisition was carried out in compliance with applicable legislation, SOCAR’s internal regulatory rules and existing contractual obligations. As a result, SOCAR’s participating interest in ACG rose from 31.65% to 35.3%.
Operational context
The ACG project continues to contribute to regional energy supply. The commencement of the first non‑associated gas production from the ACG block this year is cited as opening new opportunities for the project’s development and for strengthening Azerbaijan’s gas production potential.
Statements from the parties
SOCAR President Rovshan Najaf said the project has significantly contributed to energy security and expressed confidence that partners’ joint efforts, high operational standards and mutual trust will deliver long‑term success. ITOCHU described the divestment as reflecting its evolving strategic priorities while noting it "does not represent an exit from Azerbaijan" and signalled intent to further deepen its partnership with SOCAR and pursue new business opportunities both in Azerbaijan and internationally.
Source: SOCAR