ITOCHU Wants to Expand Participation Share in Large-Scale Oil Projects of Azerbaijan

Oil&Gas Materials 1 December 2006 17:13 (UTC +04:00)

Japanese Itochu Corporation announced its plans to expand its activities in Azerbaijan. Itochu has plans to expand its participation in the project of development of the fields Azeri-Chirag-Gunashli and Baku-Tbilisi-Ceyhan pipeline, the Itochu Vice President, Yokota Akira, informed Trend. Presently the Company possesses 3,9% share in Azeri-Chirag-Gunashli project and 3,4% in BTC.

If there would be opportunities, we would expand our share (in oil projects), he said.

In addition, Akira said that presently negotiations are being held within the project for development of the gaseous condensate field Shah Deniz.

Yet we are not to response. A large amount of investments is required in this project and one company can not participate in it. Therefore, it needs, as being in ACG and BTC, to enter the consortium and define the share, Vice President of the Company said.