Aboitiz eyes PH assets of Chevron
Aboitiz Power Corp. led by bilyonaryo Erramon Aboitiz is among companies looking at the possibility of acquiring Chevron Corp.’s geothermal assets in Asia, which combined could fetch up to $3 billion.
Bloomberg reported the US-based oil giant has slashed headcount and canceled drilling projects as global oil prices continue to spiral downward.
The company is also selling its geothermal assets in Asia, including those in Indonesia and the Philippines.
Another local company, Energy Development Corp., has also signified interest for Chevron’s assets although Bloomberg was unable to get comments from both Aboitiz and EDC.
In the Philippines, Chevron has a 40-percent stake in Philippine Geothermal Production Co.