Sector News

Chevron confirms discussions for potential Bangladesh sale

October 14, 2016
News

Chevron Corp confirmed that the company is in “commercial discussions” regarding its Bangladesh assets, as the second-largest U.S. energy company moves forward with plans to sell assets amid a prolonged slump in energy prices.

However, Chevron stressed that no decision has been made to sell its assets in the country. “We will only proceed if we can realize attractive value for Chevron,” it said in a statement on Thursday.

The San Ramon, California-based company disclosed in October last year plans to sell about $10 billion of assets by 2017.

In July, Chevron posted its biggest quarterly loss since 2001, hurt by the slump in crude prices and refining income.

Bloomberg earlier reported that Chevron is seeking about $2 billion from the sale of natural gas assets in Bangladesh, citing people familiar with the matter.

The Bangladesh assets sale has drawn interest from suitors including Indian and Chinese oil producers, Bloomberg reported.

Chevron, through its units in Bangladesh, produces natural gas and condensate from three fields in the northeast of the country, according to its website.

“We don’t have much information about the sale of Bangladesh’s asset as the discussions are going on in our head office at a very high level,” an official at Chevron in Bangladesh said on Thursday.

By Subrat Patnaik and Serajul Quadir

Source: Reuters

comments closed

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Food & Drink

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]