Monday, April 3, 2017

Philippines: Delay in Sale of Chevron's Geothermal Assets

Ayala completes deal for Chevron’s geothermal assets in Indonesia (BusinessWorld)

AC Energy Holdings, Inc. and its joint venture partners have completed the acquisition of Chevron Corp.’s geothermal assets and operations in Indonesia, its parent firm Ayala Corp. told the stock exchange on Monday.

AC Energy President John Eric T. Francia earlier told reporters that the company’s proposed acquisition of Chevron’s geothermal assets in the Philippines would take time. 

“We don’t know yet. There is ongoing discussions with the current partner of Chevron. It’s really a matter between Chevron and SM because they are still the partners on record,” he said, referring to the Sy group.

“We made an offer... We just have to wait whether the sale will push through or not depending on number one, the current discussions between the two partners, and number two, if there is a green light for us to get in then we still need PCC [Philippine Competition Commission] approval,” he said.