Chevron to Sell Stakes in Azeri Field, Pipeline

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)