Chevron Sells Azerbaijan Assets for Roughly $1.6 Billion
April 16 2020 - 2:59PM
Dow Jones News
By Micah Maidenberg
Chevron Corp. said Thursday it sold energy assets in Azerbaijan
to MOL Hungarian Oil and Gas PLC.
The oil company said the negotiated sale price for the deal,
which was completed on April 16, was $1.57 billion.
Chevron sold MOL its 9.57% stake in the Azeri-Chirag-Deepwater
Gunashli oil fields and its 8.9% stake in the Baku-Tbilisi-Ceyhan
oil pipeline.
The divestitures will help Chevron reach its goals of generating
$5 billion to $10 billion in before-tax asset-sale proceeds between
2018 and the end of this year, according to Jay Johnson, the
company's executive vice president for its upstream business.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
April 16, 2020 14:44 ET (18:44 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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