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Chevron concludes sale of geothermal assets in Indonesia

Chevron booth at Indonesian International Geothermal Conference 2015 (source: ThinkGeoEnergy, creative commons)
Alexander Richter 31 Mar 2017

Chevron announces conclusion of the sale of its geothermal assets in Indonesia to Star Energy and Ayala Corp. with cash proceeds to reflect in Q1 results 2017.

As reported this morning, Chevron has announced having concluded the sale of its geothermal operations in Indonesia.

Having previously announced the sale to a group around Star Energy and Philippines-based Ayala Corp., this now concludes part of the asset sale. The sale of Chevron’s geothermal assets in the Philippines is to conclude later this year.

As part of the deal, Chevron received cash proceeds today after the settlement of the agreement today. The financial gain for Chevron will be reflected in the first quarter results for 2017.

At that point we should be also learning how much the assets were sold for.

Source: InvestorsBuz/ Reuters