Azerbaijan's state energy company SOCAR has increased its participating interest in the Azeri-Chirag-Gunashli (ACG) oil project after acquiring the 3.65% stake previously held by Japan's ITOCHU Corporation.

The transaction increases SOCAR's share in the ACG fields from 31.65% to 35.3%. The company said the acquisition was completed in accordance with applicable legislation, contractual obligations and its internal regulatory procedures.

SOCAR President Rovshan Najaf commented that the ACG project is a key contributor to Azerbaijan's and the wider region's energy security. He also pointed to the start of the project's first non-associated gas production this year, saying it creates new opportunities for expanding Azerbaijan's natural gas production.

ITOCHU described the sale as part of the company's evolving strategic priorities rather than a withdrawal from Azerbaijan. The Japanese company stated that it intends to continue its investment and trading activities in the country while pursuing new areas of cooperation with SOCAR.

The ACG block is Azerbaijan's largest offshore oil development and remains one of the country's most important energy assets. The acquisition further increases SOCAR's ownership in the project while maintaining the existing international partnership structure.