Friday 18 January
Apr 14, 2016 @ 8:17

Chevron selling PH assets


Sovereign fund China Investment Corp., Malakoff Corp. and Ormat Technologies Inc. are among companies weighing bids for Chevron Corp.?s Asian geothermal assets, which could fetch as much as $3 billion, people with knowledge of the matter said.

Philippine geothermal energy producers Energy Development Corp. and Aboitiz Power Corp. and Japanese trading house Marubeni Corp. are also weighing offers for the assets, the people said, asking not to be identified as the information is private. Mitsubishi Corp. and Jakarta-based PT Medco Power Indonesia are separately studying potential bids, according to company officials.

Chevron, the largest US oil producer after Exxon Mobil Corp., has slashed headcount and canceled drilling projects to slow the exodus of cash as prices in the world energy markets spiral downward. The company is also seeking buyers for its stake in an Indonesian oil and natural gas field and for a 75-percent stake in its South African unit, people with knowledge of the matter have said.

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