SOCAR acquires ITOCHU’s 3.65% stake in Azeri‑Chirag‑Gunashli, lifting its share to 35.3%

Deal details

SOCAR has acquired ITOCHU Corporation’s participation share in the Azeri‑Chirag‑Gunashli (ACG) project. Relevant documents were signed and the purchase and sale was carried out in accordance with legislation, SOCAR’s internal normative rules and the regulatory obligations under the contract. ITOCHU’s 3.65% share transferred to SOCAR, increasing SOCAR’s participation from 31.65% to 35.3%.

Operational context

The ACG project is described as an ongoing contributor to the energy security of Azerbaijan and the region. The start of the first free natural gas production from the ACG fields block this year is noted as creating new opportunities for project development and for increasing Azerbaijan’s gas potential.

SOCAR statement

SOCAR President Rovshan Najaf said the project has contributed to regional energy security for many years, thanked ITOCHU for its long-term role and partnership in the project, and expressed confidence the project will continue successfully based on partners’ joint efforts, high operational standards and mutual trust.

ITOCHU statement

ITOCHU’s COO and Head of the Energy and Energy Solutions Division, Tetsuya Yamada, recalled ITOCHU became the first Japanese company to invest in Azerbaijan in 1996 and built a strong partnership with SOCAR over the past three decades through ACG and other investments. He said the sale reflects ITOCHU’s evolving strategic priorities while signalling a desire to deepen cooperation with SOCAR and pursue further investment and trade activities in Azerbaijan and internationally.