Chevron to sell Bangladesh gas fields to Chinese co

U.S. oil and gas company Chevron Corp said on Monday it has agreed to sell its three gas producing fields in Bangladesh to Chinese firm Himalaya Energy, as part of a plan to raise billions of dollars by shedding non-core properties this year.

“The agreement is for the sale of Chevron`s Bangladesh companies, which hold our interests in Bangladesh,” a company spokesman told Reuters, declining to share the deal value or any timeline.

The spokesman said Himalaya Energy is owned by a consortium of China ZhenHua Oil and CNIC Corp Ltd. ZhenHua is a state-owned oil company while CNIC is an investment corporation established in Hong Kong.

Reuters reported in February that ZhenHua Oil had signed a preliminary deal with Chevron to buy the U.S. oil major`s natural gas fields in Bangladesh that are worth about $2 billion.

Source: Fox Business