Chevron mulls sale of LNG stake after suitors express interest
Analysts estimate the stake could be worth $3bn-$4bn, with the value likely to have fallen following a sharp drop in LNG prices in 2020
Sydney, Australia — Chevron will start a sales process for its interest in the North West Shelf project in Australia, one of the nation’s first liquefied natural gas (LNG) export ventures, after receiving a number of approaches from potential buyers.
The US energy major has been looking to make cutbacks as the industry grapples with a once-in-a-generation collapse in demand because of the coronavirus pandemic. The company made the decision to start a formal marketing process for its 16.67% stake after receiving unsolicited approaches “from a range of credible buyers,” it said in an e-mailed statement on Thursday...