Sale deliberations are still preliminary, with plunge in oil prices adding uncertainty to any deal. FMTNews Petronas
SINGAPORE: Petroliam Nasional Bhd is considering selling its stake in a joint project in Chad with Exxon Mobil Corp, according to people familiar with the matter.
Exxon has been working with another adviser to sell its 40% holdings in the project, said the people, who asked not to be identified because the information is private. Their combined holdings could be worth more than US$1 billion, said one of the people. The Chad project was completed in 2003 as a “pioneering effort” between International Finance Corp and the World Bank to show that large-scale crude oil projects can significantly improve prospects for sustainable long term development, with designs that ensure transparency and effective environmental and social mitigation, according to IFC’s website.
In 2016, Exxon was ordered to pay a US$74 billion fine in Chad for underpaying royalties in the central African nation.
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