Chevron hires citi to sell geothermal assets
Wednesday, March 30 2016 - 03:11 AM WIB
Energy giant Chevron Corp. has hired Citigroup to help sell its geothermal operations in Indonesia and The Phillippines.
Petromindo.Com sources said that the divestment process will be launched next month with the opening of the assets? data room.
The sources said that several companies including consortia led by Indonesian geothermal firm Star Energy, Phillipines? Aboitiz Group and Japan?s Mitsui are interested to bid for the assets.
The deal, if materialized, will have value of around US$3 billion, sources said.
Yunus Saefulhak, Ministry of Energy and Mineral Resources? Geothermal Director told Petromindo.Com on Tuesday that Chevron has asked access to data room for assets assessment by internal consultant.
In Indonesia, Chevron operates the Darajat and Salak fields, West Java, which have a combined operating capacity of 647 megawatts.
Chevron also has a 40 percent interest in the Philippine Geothermal Production Company, Inc., the operator of the Tiwi geothermal facility in Albay Province and the Mak-Ban geothermal facility in Laguna and Batangas provinces. These fields provide steam to the third-party Tiwi and Mak-Ban geothermal power plants in southern Luzon. These plants have a combined generating capacity of 692 megawatts.
Editing by Alexander Ginting