Transaction Includes Assets in Indonesia and the Philippines
Chevron Corporation announced that its wholly-owned subsidiaries have entered into a sales and purchase agreement with Star Energy Consortium to sell Chevron’s Indonesian and Philippines Geothermal assets.
In Indonesia, Chevron subsidiaries operate the Darajat and Salak geothermal fields in West Java. In the Philippines, company subsidiaries have a 40 percent equity interest in the Philippine Geothermal Production Company, Inc., which operates the Tiwi and Mak-Ban geothermal power plants in Southern Luzon.
In Indonesia, Chevron subsidiaries operate the Darajat and Salak geothermal fields in West Java. In the Philippines, company subsidiaries have a 40 percent equity interest in the Philippine Geothermal Production Company, Inc., which operates the Tiwi and Mak-Ban geothermal power plants in Southern Luzon.
The Indonesia consortium consists of AC Energy -- with a 19.8% economic stake -- Star Energy Group Holdings Pte. Ltd., Star Energy Geothermal Pte. Ltd., and Electricity Generating Public Co. Ltd. The acquisition will be made through their joint venture company, Star Energy Geothermal (Salak-Darajat) B.V.
In the Philippines, the consortium consists of AC Energy and Star Energy Group Holdings Pte. Ltd. The acquisition will be made through their joint venture company, ACEHI-STAR Holdings, Inc.
