Chevron is in advanced talks to sell most of its downstream
assets in Egypt and Pakistan in a sale that could be valued at
around $300 million, the Reuters news agency said on
its website, citing three unnamed banking sources.
The company is conducting separate sale processes for its
assets in both countries, the sources said in the report.
"Chevron is currently conducting a review of its fuels
operations in Egypt and Pakistan," Chevron spokesman Brent
Tippen told Reuters in an email. "This includes our
shareholding in Pakistan Refinery Ltd., as well as fuels
marketing, in Egypt and Pakistan."
The company said its lubricants business in Egypt and
Pakistan weren't included in the review, and added that no
decision had been made to sell any assets.
Chevron has received at least three nonbinding bids for the
assets from interested parties, which include regional and
international energy companies, one of the sources said in the
report, declining to provide details of the bidders.
Dow Jones Newswires