China | Chevron to sell assets in Asia worth up to $5 billion, says WSJ report
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 - RTX2J69C
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 - RTX2J69C

Chevron to sell assets in Asia worth up to $5 billion, says WSJ report

August 4, 2016 3:16 PM (UTC+8)

 

(Reuters) – Chevron Corp, the second-largest U.S. oil company, is selling some assets in Asia worth up to $5 billion, the Wall Street Journal reported, citing people familiar with the matter.

Dow Jones Industrial Average listed company Chevron (CVX)'s logo is seen in Los Angeles
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 – RTX2J69C

The company is set to start selling its offshore China assets this month, the Journal reported on Thursday.

Chevron’s stake in an offshore oil field venture with China’s state-owned oil company CNOOC Ltd could fetch as much as $1 billion, according to the report.

Chevron had disclosed in October last year plans to sell about $10 billion of assets by 2017.

The oil giant is also looking for buyers for its geothermal assets in Indonesia, and is considering offers worth more than $2 billion, the Journal reported, citing sources.

Natural gas field assets in Thailand are also part of the company’s divestiture plans, according to the report.

A Chevron spokesman said the company does not comment on rumor or speculation.

Chevron shares were flat at $100.81 in afternoon trading.

(Reporting by Amrutha Gayathri in Bengaluru; Editing by Saumyadeb Chakrabarty)

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