State Oil Company of Azerbaijan acquires Itochu's stake in ACG project

BAKU. Aug 3 (Interfax) - The State Oil Company of the Azerbaijan Republic (SOCAR) has acquired the participation stake of Japan's Itochu corporation in the project to develop the Azeri-Chirag-Gunashli (ACG) field in Azerbaijan's sector of the Caspian Sea, SOCAR said.

"The corresponding documents regarding the acquisition of the stake have been signed, and the sale and purchase transaction has been completed in accordance with legal requirements, SOCAR's internal regulations, and existing regulatory obligations under the contract," according to the statement.

SOCAR said that Itochu had owned 3.65% in the project prior to the sale and purchase process. Consequently, SOCAR's stake has increased to 35.3% from 31.65%.