Azerbaijan's state oil company SOCAR has acquired Japanese ITOCHU Corp's stake in the Azeri-Chirag-Gunashli offshore oilfield development project, SOCAR said. Following the acquisition, SOCAR's stake in the project increased from 31.65% to 35.3%. SOCAR President Rovshan Najaf said ACG had made a significant contribution to Azerbaijan's and the region's energy security for many years. He said the decision to transfer the stake reflected both ITOCHU's evolving strategic priorities and its commitment to deepening cooperation with SOCAR. BP Exploration (Caspian Sea) Limited is the operator of the ACG production sharing agreement on behalf of the consortium partners.