Japanese Itochu interested in Azerbaijan’s energy projects

By: Aynur Jafarova

Japan’s Itochu Company is interested in cooperation with Azerbaijan’s state energy company SOCAR in implementation of various projects.

This remark was made by Itochu Executive Vice President Yoichi Kobayashi at a meeting with SOCAR Head Rovnag Abdullayev on October 20.

Currently, the Japanese company has a 4.3-percent interest in the project of development of Azerbaijan’s giant Azeri-Chirag-Gunashli (ACG) block of fields.

During the meeting Abdullayev said there are opportunities to intensify the cooperation between the two companies both as part of the ACG and other projects.

The ACG block of fields has been active since 1997. Production first started at the Chirag part of the block. It was followed successfully by Azeri Project; Central Azeri in February 2005, West Azeri in December 2005, and East Azeri in October 2006.

The Deepwater Gunashli section launched production in April 2008.

The diplomatic relations between Azerbaijan and Japan were established in 1992. Japan was one of the first countries to support Azerbaijan’s forward-looking oil strategy.

Today two major Japanese companies Itochu and Impex are involved in the Contract of the Century. Leaders of Japanese business, Mitsubishi, Mitsui, Marubeni, and Sojits are involved in the energy and infrastructure projects in the country.

SOURCE: AZER NEWS

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