Chevron Corporation (CVX) has initiated the sale process for its 50% stake in Singapore Refining Company (SRC), soliciting non-binding bids from interested parties, including PetroChina, which holds the remaining stake. Chevron’s decision is part of its global restructuring strategy aimed at enhancing profitability and reducing costs, having already announced plans to lay off 15-20% of its workforce earlier this year.
SRC, which operates a crude processing capacity of 290,000 barrels per day, is the smallest refinery in Singapore. The potential sales valuation of Chevron’s share in SRC is estimated to be between $300 million and $500 million. Chevron, alongside its broader asset assessments in Asia, is guided in the sale process by Morgan Stanley, with bids expected by July.
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