US oil group Chevron Corporation (NYSE:CVX) is nearing a deal to offload its Egyptian and Pakistani downstream businesses for a total of some USD300m (EUR233m), Reuters reported today, quoting three banking sources.
Although the operations are small, they have attracted significant interest from local and international sector players and there are at least three-non-binding bids, one of the sources said. It added that some of the interested parties wanted to buy the targets in both countries.
According to the sources, the US oil group has engaged Citigroup Inc (NYSE:C) to advise it on the process.
Chevron refused to comment.
Like other big oil firms, Chevron is trying to reduce its downstream operations in order to concentrate on higher-growth exploration and production activities, Reuters commented.