Friday, September 9, 2016

Philippines, Indonesia: Chevron to Sell Geothermal Assets this Month?

Aboitiz-Marubeni team vying for Chevron assets (

The Aboitiz group plans to team up with Japanese business house Marubeni to bid for the geothermal assets of American energy giant Chevron Corp. in the Philippines and Indonesia, a deal that can give the local group greater regional footprint.

Luis Miguel Aboitiz, chief operating officer and executive vice president at Aboitiz Power Corp., said the group was interested in the Asian geothermal assets to be unloaded by Chevron.

“It’s renewable. We’re already in geothermal and we like Indonesia. We think Indonesia has lots of potential,” Aboitiz told reporters in a chance interview on Thursday night.

Aboitiz said the auction was being structured in such a way that these Asian assets would be sold as one block.  As such, he said the Aboitiz group would tie up with Marubeni on this big undertaking.

Chevron is unloading its geothermal assets in Indonesia and the Philippines with estimated value of $2.5 billion this month, industry sources said.