The State Oil Company of the Republic of Azerbaijan (SOCAR) has strengthened its hold on a giant oilfield in the Caspian Sea by acquiring Itochu Corporation's participating interest, increasing its ownership in the oil and gas project off the coast of Azerbaijan as the Japanese trading and investment conglomerate exits the project. The post SOCAR tightens its grip on Caspian Sea oil & gas project with Itochu stake buyout appeared first on Offshore Energy .