Chevron Sells Geothermal Operations

Chevron Corporation (NYSE:CVX) 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.

"These assets deliver reliable energy to support the needs of Asia-Pacific's growing economies," said Jay Johnson, executive vice president, Upstream, Chevron Corporation (CVX). "This sale is aligned with our strategy to maximize the value of our global upstream businesses through effective portfolio management."

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.