SOCAR acquires Japanese Itochu's stake in Azeri-Chirag-Gunashli

The State Oil Company of Azerbaijan Republic (SOCAR) has completed the acquisition of Japanese corporation Itochu's stake in the Azeri-Chirag-Gunashli (ACG) field.

The transaction has been legally finalised in compliance with all regulatory and internal requirements, the company said.

Itochu's share in ACG was 3.65%. Now, the Azerbaijani company has increased its stake in the project to 35.3%.

Oil production at ACG in the first three months of the year amounted to 325,000 barrels per day.