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CHEVRON CORP, the second-largest US oil company, is selling some assets in Asia worth up to US$5 billion (Bt174 billion), the Wall Street Journal reported, citing people familiar with the matter.
The company is set to start selling its offshore China assets this month, the Journal reported.
Chevron’s stake in an offshore oil field venture with China’s state-owned oil company CNOOC Ltd could fetch as much as $1 billion, according to the report.
Chevron had disclosed in October last year plans to sell about $10 billion of assets by 2017.
The oil giant is also looking for buyers for its geothermal assets in Indonesia, and is considering offers worth more than $2 billion, the Journal reported.
Natural gas field assets in Thailand are also part of the company’s divestiture plans, according to the report.
A Chevron spokesman said the company did not comment on rumours or speculation. – Reuters

ASIAN EMERGING MARKETS
RESILIENT POST-BREXIT
Emerging markets including Asia are showing resilience in the post-Brexit environment, according to new Deutsche Bank research.
The research shows that emerging markets in Asia such as Thailand could benefit from the economic slowdown in the EU, Japan and the United States.
Since 2013 when the US Federal Reserve indicated rate hikes were possible, investor interest in Asia slowed, coinciding with China’s trade slowdown and the commodities slump. These factors combined to create challenging trade conditions across Asia including Thailand, Deutsche Bank said.
But it said that with economic uncertainty now clouding developed economies of the UK, Europe, Japan, and the United States, and negative sovereign bond yields limiting investor returns, international investors were again looking to Asia for growth opportunities.
Capital markets are positive. Commodity prices remain low and inflation is limited, yet real rates remain high. These factors support foreign exchange stability, provide more attractive fixed income returns for investors, and supporting capital flows.
Dr Michael Spencer, Deutsche Bank’s chief economist for Asia Pacific, said: “Overall, Thailand remains largely insulated from the Brexit fallout. Despite volatility that followed Brexit, Asian currencies are relatively stable and capital flows positive.”