• Thursday, Oct 06, 2022
  • Last Update : 09:24 am

Chevron confirms discussion for potential Bangladesh sale

  • Published at 02:56 pm October 13th, 2016
  • Last updated at 04:23 pm October 13th, 2016
Chevron confirms discussion for potential Bangladesh sale

Chevron Corp has confirmed that the company is in "commercial discussion" regarding its Bangladesh assets, as the second-largest US energy company moves forward with plans to sell assets amid a prolonged slump in energy prices.

"We will only proceed if we can realise attractive value for Chevron," it said in a statement on Thursday.

The San Ramon, California-based company disclosed in October last year that it had 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 was seeking about $2 billion from the sale of natural gas assets in Bangladesh.

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.

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