Chevron Divesting Downstream Assets in Egypt and Pakistan
Chevron, a California-based oil and gas giant, is in talks with several companies to divest its downstream assets in Egypt and Pakistan, Reuters reports citing banking sources.
The company is hoping to collect up to $300 million from the divestments. Three bids have been launched from interested parties, the news agency further reports, but the sources wouldn’t reveal the names of the potential suitors.
According to Reuters, Chevron is selling downstream assets to focus on exploration and production activities (upstream).
In the first quarter 2013, the company’s capital and exploratory expenditures were $8.9 billion. Expenditures for upstream represented 93 percent of the companywide total.