Chevron to Sell Bangladesh Companies, Workforce Implications Unknown
Chevron Corporation announced Monday that its wholly-owned subsidiary, Chevron Global Ventures Ltd., has entered into an agreement to sell the shares of its wholly-owned indirect subsidiaries operating in Bangladesh to Himalaya Energy Co. Ltd.
Chevron Bangladesh operates Block 12, which includes the Bibiyana field, and Blocks 13 and 14, which include the Jalalabad and Moulavi Bazar fields. No information was given on the potential workforce implications of the deal.
Closing of the transaction is subject to the satisfaction of certain closing conditions, Chevron said in a company statement.
Earlier this month Chevron revealed that it was exploring the sale of its 20 percent stake in Canada's Athabasca Oil Sands project, which could fetch about $2.5 billion, according to people familiar with the situation.
The possible sale comes after Royal Dutch Shell last month agreed to sell most of its Canadian oil sands assets to Canadian Natural Resources Ltd for $8.5 billion.
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