Hungary's MOL has expanded its international footprint beyond its core central and eastern European region through a $1.57 billion acquisition from US supermajor Chevron of a stake in the Azeri-Chirag-Guneshli (ACG) oilfields off Azerbaijan, as well as mid-stream interests.
Under the agreement, MOL will acquire from Chevron a 9.57% stake in the ACG oilfields, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline that transports crude to the Mediterranean port of Ceyhan.
