Itochu seeks larger ACG stake
TOKYO – Japan’s Itochu company has said it is seeking to increase its share in the project on developing Azerbaijan’s major Azeri-Chirag-Gunashli (ACG) fields in the Caspian Sea.
Yoichi Kobayashi, the Itochu Corporation’s Senior Managing Executive Officer, revealed these plans at a meeting with Rovnag Abdullayev, the president of Azerbaijan’s state energy firm SOCAR, in Baku on Thursday.
The agreement on tapping the ACG field, called "the Contract of the Century", was signed with 13 energy majors from eight countries in Baku in 1994. Production at the field began in November 1997.
Azerbaijani oil is exported via the Baku-Tbilisi-Ceyhan (BTC) main export pipeline to the Mediterranean coast of Turkey. The Baku-Supsa pipeline stretching to the Black Sea coast of Georgia transports the country’s crude as well.
ACG participating interests are: BP (operator – 34.1%), Chevron (10.2%), SOCAR (10%), INPEX (10%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%), ITOCHU (3.9%), and Hess (2.7%).
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