SOCAR increases its stake in ACG

The State Oil Company of the Azerbaijan Republic ( SOCAR ) has obtained a portion of British BP shares in the development of the Azeri-Chirag-Guneshli (ACG) offshore fields in the Azerbaijani sector of the Caspian Sea for $585 million, a BP report on the second quarter of 2011 says.

The increasing equity of SOCAR affiliate AzACG Limited Company in the ACG by 1.6461 percent - up to 11.6461 percent - occurred due to an acquisition from Devon’s shares.

SOCAR has acquired part of the Devon stake from British BP, earlier obtained by BP from Devon.

The contract to develop the Azeri-Chirag-Guneshli fields was signed in 1994. Devon sold its 5.63 percent share in Azeri-Chirag-Guneshli in 2010 to its project partners - BP (3.29 percent), Chevron (0.99 percent), Inpex (0.96 percent), and Itocu (0.38 percent).


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