SOCAR acquires ITOCHU's stake in the Azeri–Chirag–Gunashli project
SOCAR has acquired the participating interest of ITOCHU Corporation in the Azeri–Chirag–Gunashli (ACG) project.
As the company told AZERTAC, the relevant documents on the acquisition of the participating interest have been signed, and the purchase and sale transaction was carried out in accordance with the requirements of the legislation, SOCAR's internal regulatory rules, as well as the existing regulatory obligations under the contract.
Prior to the purchase and sale process, ITOCHU Corporation held a 3.65 percent participating interest in the ACG project. Thus, SOCAR's participating interest in the ACG project has increased from 31.65 percent to 35.3 percent.
"For many years, the ACG project has made an important contribution to the energy security of our country and the region. At the same time, the start of production of the first non-associated natural gas at the ACG field block this year opens up new opportunities for the future development of the project and for increasing Azerbaijan's gas potential. We express our gratitude to ITOCHU Corporation for the role it has played over many years in the implementation of the project and for its effective partnership. We are confident that the project will continue to be successfully implemented on the basis of the partners' joint efforts, high operational standards and mutual trust," SOCAR President Rovshan Najaf noted.
Tetsuya Yamada, Chief Operating Officer of ITOCHU Corporation and Chief Executive Officer of the Energy and Power Solutions Division, said: "Having become the first Japanese company to invest in Azerbaijan in 1996, ITOCHU has built a solid partnership with SOCAR over the past three decades through the ACG project and other investments in the energy sphere. ACG is an extremely successful project, and our decision to transfer to SOCAR an asset that we have held for many years reflects both ITOCHU's evolving strategic priorities and our commitment to further deepening our partnership with SOCAR. Therefore, this sale does not mean ITOCHU's departure from Azerbaijan; on the contrary, it marks the beginning of a new stage in our partnership. Azerbaijan will remain an important market for ITOCHU's investment and trading activities. We look forward to further strengthening our cooperation with SOCAR and jointly evaluating new business opportunities both in Azerbaijan and in international markets."
About ITOCHU:
Founded in 1858, ITOCHU Corporation is one of Japan's largest trading and investment conglomerates. With about 90 offices in approximately 61 countries, ITOCHU carries out major investment and trading activities around the world in such spheres as energy, minerals, industrial enterprises, the automotive industry, chemicals, food products, and other sectors.
