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Hess Corp. sees interest in Azeri-Chirag-Guneshli complex in the Caspi
NEW YORK, March 29 () -- Hess Corp. said it sold its interests in the giant Azeri-Chirag-Guneshli complex in the Caspian Sea.Hess said it closed a deal to sell its 2.72 percent interest in ACG and its 2.36 percent stake in the Baku-Tbilisi-Ceyhan oil pipeline to Indian energy company ONGC Videsh Ltd. for $1 billion. The deal was announced last year.Chairman John Hess said some of the proceeds would help pay off short-term debt."This sale is another step in the execution of our strategy to become a more focused, higher growth, lower risk pure play exploration and production company," he said in a statement.Hess in January said it was evolving into an exploration and production company as it leaves the refining business by closing a New Jersey facility.ACG,[url=http://www.pradaoutletuks.co.uk]prada shoes outlet[/url], operated by BP and one of the world's largest oil complexes, is producing about 700,000 barrels of crude oil per day. BTC services Caspian oil producers by delivering about 1 million bpd to the Turkish port of Ceyhan on the Mediterranean coast.State-owned ONGC Videsh said the acquisition marks its entry into the oil-rich waters of Azerbaijan and is in line with ambitions to add lucrative plays to its exploration and production portfolio.