Azerbaijan to increase shares at ACG

  • 19:06 15 April 2019

Azerbaijan to increase shares at ACG

SOCAR will revise the issue of increase of participation share at the consortium working on exploitation of the “Azeri-Chirag-Gunashli” fields, said the deputy head of public relations and events management department Ibrahim Ahmedov, ONA reports.  

Previously, ExxonMobile and Chevron companies stated their interests on conducting relevant market assessment and selling their shares at ACG project.

According to I.Ahmedov, the position of SOCAR is that the participants of the agreement can sell their shares in the project, and other participants can get the shares. SOCAR can also consider increasing its stake in the consortium, as other project participants.

 “SOCAR may consider buying additional shares in the consortium. It is connected with that "Azeri-Chirag-Gunashli" is one of the most profitable deposits”, I.Ahmedov noted.

According to the SOCAR representative, these companies will officially offer their shares, and then they will be able to review and make proposals for potential buyers: "It may be that the offers will not be satisfied and companies will be dismissed, and only a part will be sold It is not an indication that at present it is unknown, but there were such intentions.