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4/16, 9:20 PM (Source: TeleTrader)
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Chevron sells $1.6B of Azerbaijan assets

Chevron Corporation announced on Thursday that its affiliate companies have sold their nonoperating interests in oil fields and pipelines in Azerbaijan to MOL Hungarian Oil and Gas PLC for $1.57 billion.

Under the terms of the agreement, the sale includes a 9.57% holding in the Azeri-Chirag-Deepwater Gunashli oil fields and an 8.9% stake in the Baku-Tbilisi-Ceyhan pipeline.

"Chevron regularly reviews its global portfolio to assess whether assets are strategic and competitive for capital," executive Vice President of upstream Jay Johnson stated in a press release. He added that this sale is an important part of the company's divestment program, which is targeting $5B to $10B in before-tax proceeds between 2018 and 2020.

Breaking the News / BJ