Chevron to sell Bangladesh operations

Oil giant Chevron has announced it will be selling its Bangladesh operations.

In a statement issued on Monday, Chevron said it had ‘entered into an agreement’ to sell its wholly owned subsidiaries in Bangladesh to Chinese company Himalaya Energy Co Ltd.

“Closing of the transaction is subject to the satisfaction of certain closing conditions,” it added.

Chevron, which supplies half of the country’s daily gas, operated Block 12 of the Bibiyana Gas Field, and Blocks 13 and 14 of the Jalalabad and Moulvibazar gas fields.

Closing of the transaction is subject to the satisfaction of certain closing conditions, said the statement.

The Chevron statement did not mention anything about the value of its deal with the Chinese buyer.

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. He added that the government will act as per ‘agreement with the Chevron’.

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

Source: Ittefaq

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