SOCAR: Whether the share in ACG will increase depends on commercial terms

Whether SOCAR’s share in Azeri-Chirag-Guneshli fields will increase depends on price and commercial terms, Head of SOCAR Investments Division Vagif Aliyev told journalists.

"We think that joint proposals with partners for equity to be put up for sale will be more reasonable. We intend to buy the share jointly with partners," he said.

SOCAR President Rovnag Abdullayev said that the ACG shareholders intend to participate in a tender to acquire equity of US ExxonMobil and Chevron companies in development of Azeri-Chirag-Guneshli (ACG) block of fields.

In December 2018 ExxonMobile announced intention to sell its 6.79% share in ACG, while Chevron planned to sell its 9.57% share in ACG and 8.9% share in Baku-Tbilisi-Ceyhan pipeline.