Hess Corporation announced 7 September it has agreed to sell its 2.72 percent interest in the Azeri, Chirag and Guneshli Fields (ACG) in Azerbaijan and its 2.36 percent interest in the associated BTC pipeline to ONGC Videsh Ltd. for $1 billion. The transaction, expected to close in the first quarter of 2013, is subject to Indian and other government and regulatory approvals.
The BP operated ACG fields, located in the Caspian Sea approximately 100 kilometers east of Baku, commenced production in 1997.
"The sale of our interest in ACG is consistent with our strategy to divest mature and small working interest assets," saidGreg Hill, President of Worldwide Exploration and Production for Hess. "Including this transaction, we have announced asset sales year-to-date totaling nearly $2 billion and additional asset sales are underway as part of our strategic portfolio reshaping."
* Hess Corporation is a leading global independent energy company engaged in the exploration for and production of crude oil and natural gas, as well as in refining and in marketing refined petroleum products, natural gas and electricity. --12D--
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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