Aboitiz Power Expresses Interest in Chevron's Geothermal Assets
16 Maio 2016 - 8:22AM
Dow Jones News
By Cris Larano
MANILA--Aboitiz Power Corp. (AP.PH) said Monday it is keenly
interested in acquiring some of the geothermal assets of Chevron
Corp., particularly those in the Philippines and Indonesia, that
will be placed on the auction block.
Chevron's geothermal assets have been valued at around $3
billion. The U.S. oil company owns the Salak fields in Indonesia,
which has an operating capacity of 377 megawatts. It also has a 40%
stake in Philippine Geothermal Production Co., which develops and
produces steam energy for the Tiwi and Mak-Ban geothermal power
plants, with a combined capacity of 692 megawatts.
"We are always on the lookout for opportunities. I guess when
that time comes, when the notice of offer is out, then probably
that is something we will be looking out for," Erramon Aboitiz,
chief executive of Aboitiz Power, said in a briefing. "At this
point, we are waiting for formal advice," he added.
Aboitiz Power is looking to double its capacity to 4,000
megawatts by 2020. It has set aside 51.5 billion pesos ($1.1
billion) for capital expenditures this year, up from 34.4 billion
pesos last year.
Write to Cris Larano at cris.larano@wsj.com
(END) Dow Jones Newswires
May 16, 2016 07:07 ET (11:07 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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