Hungary purchase shares in Azeri-Chirag-Gunashli and Baku-Tbilisi-Ceyhan

Hungary purchase shares in Azeri-Chirag-Gunashli and Baku-Tbilisi-Ceyhan

Hungarian MOL Group said it has signed an agreement with Chevron Global Ventures Ltd and Chevron BTC Pipeline, Ltd to acquire their non-operated E&P and mid-stream interests in Azerbaijan, including a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) oil field, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline that transports the crude to the Mediterranean port of Ceyhan, for total consideration of $1.57 billion (subject to adjustments at closing).

Once completed, this transaction will make MOL the third largest field partner in ACG.

The ACG participating interests are as follows: BP - 30.37%; AzACG (SOCAR) - 25%; Chevron - 9.57%; INPEX - 9.31%t; Statoil - 7.27%; ExxonMobil - 6.79%; TP - 5.73%; ITOCHU - 3.65%; ONGC Videsh Limited (OVL) - 2.31%.

The BTC Co. shareholders are: BP (30.1%); AzBTC (25.00%); Chevron (8.90%); Equinor (8.71%); TPAO (6.53%t); Eni (5.00%); Total (5.00%), ITOCHU (3.40%); INPEX (2.50%), ExxonMobil (2.50%) and ONGC (BTC) Limited (2.36%).

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