Chevron sells Bangladesh assets to China firm

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Dhaka, April 24: US oil giant Chevron Corporation has sold out its Bangladesh assets to a Chinese company.

Chevron  Corporation on Monday said its wholly-owned subsidiary– Chevron Global Ventures Ltd–has entered into an agreement to sell the shares of its wholly-owned indirect subsidiaries operating in Bangladesh to the Chinese company, ‘Himalaya Energy Co. Ltd’.

According to a Chevron press release, Chevron is based in San Ramon, California, and Chevron Bangladesh operates Block 12 (Bibiyana gasfield) and Blocks 13 and 14 (Jalalabad and Moulavi Bazar gasfields).

The release said closing of the transaction is subject to the satisfaction of certain closing conditions.

The announcement of selling the Chevron’s assets came amid the Bangladesh government’s move to hold a negotiation with the US oil company to buy its assets.

As part of the move, the government last month appointed British consultancy firm Wood Mackenzie to evaluate the assets and liabilities of Chevron in Bangladesh.

Contacted, State Minister for Power and Energy Nasrul Hamid said he came to know about the sale of the Chevron’s Bangladesh assets through media reports.

He, however, said the government is still in its move of evaluating Chevron’s assets. Without making any further detail, he said the government will act as per ‘agreement with the Chevron’.

“We’ll look into the matter as per the terms and conditions of the agreement with Chevron,” he said.

Chevron Corporation is one of the world’s leading integrated energy companies. It said through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry.

Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations.