MOL purchases 9.57% of Azerbaijan's oil fields for $1.57B

Montag, 04. November 2019 11:52

Hungarian oil and gas giant MOL plc. acquired a 9.57% stake in Azerbaijan's Azeri-Chirag-Gunashl (ACG) oil fields and an 8.9% stake in the Baku-Tbilisi-Ceyhan pipeline from Chevron Global, the company said on Monday.

The Budapest-based firm paid $1.57 billion for both purchases in total to become the third-largest field partner in Caspian Sea-based ACG.

"This major $1.57 billion transaction is a significant milestone in building our international E&P portfolio, in one of our core regions, the CIS, where we will team up with world-class partners. Following the closing of the deal, around half of our production will come from outside the CEE region," the chief executive officer of the MOL Group Zsolt Hernadi stressed.

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