December 4, 2018 / 2:25 PM / in 7 days

Chevron seeks to sell stakes in giant Azeri oil field, pipeline

The logo of Dow Jones Industrial Average stock market index listed company Chevron (CVX) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy Nicholson

LONDON (Reuters) - U.S. oil and gas company Chevron has decided to launch the sale of its stake in Azerbaijan’s largest oil field as well as the Baku-Tbilisi-Ceyhan (BTC) pipeline, it said in a statement on Tuesday.

“Chevron regularly reviews its global portfolio of assets to ensure alignment with its long-term priorities,” it said.

“As part of this review, we have decided to initiate the process of marketing, with a view to a potential sale, of our Chevron affiliate interests in the Azeri Chirag and Deep Water Gunashli (ACG) project and the Baku-Tbilisi-Ceyhan (BTC) Pipeline.”

Earlier on Tuesday, industry sources told Reuters that rival Exxon Mobil is also seeking to sell its 6.8 percent stake in the ACG project.

Reporting by Ron Bousso; Editing by Kirsten Donovan

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