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)

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