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Chevron Vice Chairman George Kirkland

Chevron it sold some oil assets to Chad for $1.3 billion in a sale that closed Friday.

The assets included a 25% stake in an oil-producing concession in seven fields in Chad’s Doba Basin, together with related export pipeline interests and associated marine facilities.

The pipeline system transports crude oil to the coast of Cameroon.

Chevron said the buyer was the Republic of Chad.

“This sale demonstrates our focus on strategically managing our portfolio to maximize the value of our global upstream businesses,” said George Kirkland, vice chairman of Chevron Corporation.

“These assets have played a significant role for Chevron in Africa for the past 14 years,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company. “They have been a profitable part of our portfolio for many years.  The combination of current market conditions and the size of the assets relative to our portfolio make this an ideal time for a divestiture.”

California-based Chevron is the second-biggest U.S. oil company by market value behind Exxon Mobil.

“These assets have played a significant role for Chevron in Africa for the past 14 years,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company.

“They have been a profitable part of our portfolio for many years.  The combination of current market conditions and the size of the assets relative to our portfolio make this an ideal time for a divestiture,” Moshiri said.