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Investing.com -- Chevron (NYSE:CVX) is looking for buyers for its 50% stake in Singapore Refining Co. (SRC), Reuters reported on Thursday, citing people familiar with the matter.
The oil giant has requested non-binding bids from several parties, including joint venture partner PetroChina, which holds first right of refusal to purchase Chevron’s share, the report said.
Glencore (OTC:GLNCY) is among other firms invited to review the refinery stake, the report said, adding that potential bidders were asked to submit non-binding offers in July.
The value of Chevron’s stake in the Singapore refining business is estimated to be in the hundreds of millions of dollars, it added.
Beyond the Singapore refinery, Chevron is also exploring the sale of other Asian assets, including terminal and fuel storage facilities located in Australia and the Philippines.
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