October 13, 2016 / 5:48 AM / 3 years ago

Chevron confirms is in discussions for potential Bangladesh sale

The logo of Dow Jones Industrial Average stock market index listed company Chevron (CVX) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy Nicholson/File Photo

DHAKA (Reuters) - Chevron Corp (CVX.N) 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.

Reporting by Subrat Patnaik in Bengaluru and Serajul Quadir in Dhaka; Editing by Christian Schmollinger

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below