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Indian National Oil Company Acquires Hess’ Shares in ACG

The Indian company ONGC Videsh Ltd. has acquired the Hess Corporation shares in the Azeri-Chirag-Gunashli (ACG), according to a statement from Rovnag Abdullayev, President of the State Oil Company of Azerbaijan (SOCAR).

According to Abdullayev, the ACG parties have agreed on the transaction implementation and have already signed the contract.

In September 2012, Hess announced the sale of its stake in the Azeri-Chirag-Gunashli project, 2.72 percent, and the Baku-Tbilisi-Ceyhan (BTC) pipeline, at 2.36 percent.

The transaction value is estimated at $2 billion.

Hess officials explained that the sale of the ACG and BTC shares is in line with the company's strategy of selling off smaller assets.

Shares in the ACG project are owned as follows: BP (35.78 percent), Chevron (11.27 percent), Inpex (10.96 percent), Itochu (4.3 percent), ExxonMobil (8.0 percent), Hess (2.72 percent), SOCAR (11.65 percent), Statoil (8.56 percent) and TPAO (6.75 percent).

Source: News.Az

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