Hungary's MOL buys Chevron stake in Azeri oilfield for $1.57 billion

BUDAPEST (Reuters) - Hungarian energy firm MOL is buying Chevron's stake in a giant oilfield in Azerbaijan for $1.57 billion (£1.22 billion), as U.S. majors retreat from the central Asian state after 25 years to refocus on production at home. MOL said on Monday the deal agreed with Chevron includes a 9.57% stake in the BP-operated Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea and a 8.9% stake in the Baku-Tbilisi-Ceyhan pipeline that transports the crude to the Mediterranean."What this..