Caixin
BUSINESS & TECH

ZhenHua Nears Deal for Chevron’s Bangladesh Gas Fields

By Fang Xiangliang and April Ma
State-run China ZhenHua Oil Co. Ltd. is preparing to buy Chevron Corp.’s Bangladesh oil fields for about $2 billion. Photo: Visual China
State-run China ZhenHua Oil Co. Ltd. is preparing to buy Chevron Corp.’s Bangladesh oil fields for about $2 billion. Photo: Visual China

(Beijing) — A Chinese military-affiliated oil producer is close to purchasing U.S. energy giant Chevron Corp.’s gas fields in Bangladesh for $2 billion in a deal that would mark its first overseas acquisition in four years.

Approval from Bangladeshi authorities is the last major hurdle before the deal between state-owned China ZhenHua Oil Co. Ltd. and Chevron becomes final, sources familiar with the matter told Caixin.

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