chinese firm in preliminary deal to buy chevron’s bangladesh gas fields
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Chinese firm in preliminary deal to buy Chevron’s Bangladesh gas fields

Arab Today, arab today

Arab Today, arab today Chinese firm in preliminary deal to buy Chevron’s Bangladesh gas fields

Beijing/Dhaka - Arab Today

China’s state-run Zhenhua Oil has signed a preliminary deal with Chevron to buy the US oil major’s natural gas fields in Bangladesh that are worth about $2 billion, two Beijing-based Chinese oil executives said.
Zhenhua is a subsidiary of China’s defense industry conglomerate NORINCO. A completed deal would mark China’s first major energy investment in the South Asian country.
Bangladesh, though, holds the right of first refusal on the assets and could block the transaction. The country, via its national oil company Petrobangla, is keen to buy the gas fields and is talking to international banks to raise financing, according to a banking source familiar with the process.
Bangladesh is in the process of hiring global energy consultant Wood Mackenzie to assess the fields’ reserves before placing a formal bid to buy the assets, two Bangladesh sources familiar with the matter told Reuters.
The Bangladesh sources said they were not aware of Zhenhua Oil’s competing interest in the Chevron fields.
“As this project is in the process of commercial discussions, we cannot comment based on our company policy,” said Zhang Xiaodi, Zhenhua Oil’s spokesman.
Zhenhua Oil is a small oil and gas explorer that despite its connections to China’s defense industry is dwarfed in comparison to state energy giants PetroChina and Sinopec. It is trying to formalize its deal with Chevron by June, after the two companies signed a preliminary pact in January, the two senior oil executives told Reuters.
Zhenhua will partner with China Reform Holdings Corp. Ltd., an investment vehicle under the State-owned Assets Supervision and Administration Commission (SASAC). Zhenhua will hold 60 percent of the deal and China Reform 40 percent, the two executives said.
The executives declined to be named as these discussions were not public.
Chevron, in an e-mailed statement, confirmed that it was in commercial discussions on its Bangladesh assets, but would not comment further as a matter of policy.
Bangladesh knows that Chevron is in talk with global companies, but has no specific knowledge about Zhenhua’s interest, said Nasrul Hamid, state minister for power, energy and mineral resources.
“This is Chevron’s matter. We will not interrupt but we are supposed to get the first priority,” he said when asked if Bangladesh would try to block the China deal.
“We will place a formal bid only if the project is viable,” Hamid said.
If the Bangladesh deal materializes, it would hand the Chinese firm 16 million tons a year of oil equivalent output, including natural gas and condensate, a scale that would make it China’s fourth-largest oil and gas producer, the two Chinese executives said.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

chinese firm in preliminary deal to buy chevron’s bangladesh gas fields chinese firm in preliminary deal to buy chevron’s bangladesh gas fields

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

chinese firm in preliminary deal to buy chevron’s bangladesh gas fields chinese firm in preliminary deal to buy chevron’s bangladesh gas fields

 



GMT 16:16 2014 Wednesday ,10 September

Samirah Ibrahim receives Saudi cultural attaché

GMT 09:32 2017 Sunday ,24 September

China confirms will limit oil exports to North Korea

GMT 19:56 2016 Saturday ,17 September

Typhoon Meranti death toll rises to 28

GMT 09:40 2018 Monday ,01 January

OIC Summit opens in Kazakhstan

GMT 06:37 2015 Monday ,07 December

Iran film directors protest colleague's jail term

GMT 18:37 2017 Friday ,25 August

Mental health issues should be prioritized

GMT 04:39 2017 Thursday ,31 August

Trump vows to right 'self-destructive' tax code

GMT 05:29 2017 Tuesday ,22 August

Celebrations across India on 71st Independence Day

GMT 10:54 2017 Wednesday ,11 October

Child obesity grows tenfold since 1975

GMT 02:31 2016 Tuesday ,06 December

Dubai Women Establishment delegation participates

GMT 04:29 2018 Wednesday ,19 September

North and South Korea: Kim and Moon hail new future

GMT 14:18 2013 Monday ,19 August

Newlywed Lebanese couple pose at car bomb site

GMT 11:11 2011 Friday ,12 August

Palestinian university ranks seventh in Arab world

GMT 15:16 2015 Wednesday ,26 August

UAE ambassador attends charity ceremony in Qalubiya

GMT 16:59 2016 Tuesday ,26 July

Hedge funds in new cycle of oil short-selling
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday