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US Hess Corporation Closes Sale of Interest in Projects in Azerbaijan

The US Hess Corporation has completed the sale of its 2.72 percent interest in the development project of Azeri Chirag Guneshli (ACG) oil fields and its 2.36 percent interest in Baku Tbilisi Ceyhan pipeline (BTC) to India's ONGC.

The transaction value is $1 billion.

In early September, 2012 the Hess Corporation agreed to sell its share in ACG and BTC projects to ONGC.

According to John B. Hess, Chairman and CEO, consistent with the Corporation's announcement on March 4, the after-tax net proceeds from this sale will be used to pay down an equivalent amount of short term debt.

Production at Azeri-Chirag-Guneshli oil field, located about 100 kilometers east of Baku in the Caspian Sea, was launched in 1997.

Source: Trend

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