Chevron sells its geothermal assets Star Energy

Chevron sells its geothermal assets to Star Energy

6:33 AM, 27th December 2016
Chevron logo

SAN RAMON, US: Chevron Corporation said that its wholly-owned subsidiaries have entered into a sales and purchase agreement with Star Energy Consortium to sell Chevron’s Indonesian and Philippines Geothermal assets.

In Indonesia, Chevron subsidiaries operate the Darajat and Salak geothermal fields in West Java. In the Philippines, company subsidiaries have a 40 percent equity interest in the Philippine Geothermal Production Company Inc, which operates the Tiwi and Mak-Ban geothermal power plants in Southern Luzon.

"These assets deliver reliable energy to support the needs of Asia-Pacific’s growing economies. This sale is aligned with our strategy to maximise the value of our global upstream businesses through effective portfolio management," said Jay Johnson, executive VP, upstream, Chevron.

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