Chevron China sales hit snag: reports

China

BEIJING, March 21, 2017 – US major Chevron hasn’t yet received a satisfactory offer for its stakes in three offshore fields in China’s Bohai Bay, international media reported on Tuesday.

Though several Chinese firms have expressed interest, including AAG Energy, Brightoil Petroleum and Meidu Energy, none have offered anything close to the USD 1 billion Chevron had expected for the stakes, Bloomberg reported.

The fields in question, QHD32-6, Bozhong 25-1 and Bozhong 19-4, are operated by China’s CNOOC, while Chevron holds a working interest of 24.5% in the former, and 16.2% in each of the latter two.

In other news from China, three Sinopec executives are being sought with Interpol red notices in relation to a fraud investigation in Indonesia, Reuters reported on Tuesday.

The notices issued were linked to a USD 800-million oil terminal development the Chinese firm undertook in 2012.

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