SOCAR Boosts Stake in Azerbaijan's ACG Oil Project to 35.3%

Azerbaijan's state oil company SOCAR has increased its stake in the Azeri-Chirag-Gunashli (ACG) oil project to 35.3% after acquiring Japanese trading house Itochu's 3.65% stake.

The deal was carried out in accordance with Azerbaijani legislation, SOCAR's internal regulations, and contractual obligations, the company said on Monday.

SOCAR President Rovshan Najaf described the ACG project as a significant contributor to Azerbaijan's and the region's energy security over the years.

Najaf also highlighted the upcoming start of first non-associated natural gas production from the ACG block this year, which will create new opportunities for the project's future development and expansion of Azerbaijan's gas potential.