Chevron shortlists 5 groups in tender for Asian geothermal assets
Geothermal power plant. Featured Image: cate_89/Shutterstock.com
Five out of seven groups that bid for the Philippine and Indonesian geothermal assets of US oil major Chevron Corp (NYSE:CVX) were shortlisted and Energy Development Corp (PSE:EDC) is part of one of them, local media report.
The finance head of the Philippine company, Nestor Vasay, told reporters over the weekend that EDC made an offer on October 31 together with Japan’s Mitsui & Co Ltd (TYO:8031) and Kyushu Electric Power Company Inc (TYO:9508).
According to Vasay, Aboitiz Power Corp (PSE:AP) and Japan’s Marubeni Corp (TYO:8002) formed another shortlisted group. Other companies named by the CFO are Phillines-based Ayala Corp and Medco of Indonesia.
Chevron owns a 40%-stake in Philippine Geothermal Production Co Inc (PGPC), a developer and producer of steam energy for Aboitiz’s 692-MW Tiwi and Mak-Ban geothermal power plants in the Philippines