Chevron nears sale of most downstream business in Egypt, Pakistan

Chevron is in advanced talks to sell most of its downstream assets in Egypt and Pakistan in a sale that could be valued at around $300 million, the Reuters news agency said on its website, citing three unnamed banking sources.

The company is conducting separate sale processes for its assets in both countries, the sources said in the report.

"Chevron is currently conducting a review of its fuels operations in Egypt and Pakistan," Chevron spokesman Brent Tippen told Reuters in an email. "This includes our shareholding in Pakistan Refinery Ltd., as well as fuels marketing, in Egypt and Pakistan."

The company said its lubricants business in Egypt and Pakistan weren't included in the review, and added that no decision had been made to sell any assets.

Chevron has received at least three nonbinding bids for the assets from interested parties, which include regional and international energy companies, one of the sources said in the report, declining to provide details of the bidders.