Chevron To Sell Egyptian Downstream Assets
CAIRO – Discussions aimed at selling Chevron’s assets in Egypt have progressed full steam ahead, well-placed sources told Reuters on Tuesday.
It is believed that US’s second largest oil firm will generate about $300 million from the sale of these possessions.
International oil majors are currently withdrawing from doing business in their “downstream operations” to pay more attention on high-margin discoveries and production pursuits.
According to Biztellers, Royal Dutch Shell in April said it was thinking of disposing off some of its Italian downstream assets.
US-based oil and gas explorer, Hess Corp, is poised to leave its retail gasoline, marketing and trading businesses.
Chevron is also selling its Pakistan assets but the sale of these assets is being conducted separately.
It is understood that Chevron has received three non-binding offers from interested parties. Interested parties include regional and international firms.
“They are small assets but are profitable and gaining a lot of interest in the auction process. There are lots of buyers for whom owning these businesses makes perfect sense,” sources told Biztellers.