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flag Chevron buys 5% stake in Hess for $2.3 billion, facing Exxon's challenge over Guyana oil project.

flag Chevron has bought a 5% stake in Hess Corporation for about $2.3 billion, showing support for their earlier acquisition plans. flag The purchase centers around Hess's 30% stake in a major Guyana oil project. flag However, Exxon Mobil, which operates the project, is challenging the deal in arbitration, claiming a right of first refusal. flag Chevron disputes this claim. flag The arbitration case is scheduled to be decided in September.

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