Reuters reports that the second-largest U.S oil company is in advanced talks to sell its downstream assets in Egypt and Pakistan, according to sources.

Chevron is conducting a separate sale process for its assets in both countries, banking sources have said, speaking on condition of anonymity as the matter is not public.

At least three non-binding bids have been received for the assets from interested parties, including regional and international energy companies, one source said, declining to provide details of the bidders.

Some bidders are eyeing assets in both of the countries, however, the U.S oil major declined to comment.

“They are small assets but are profitable and gaining a lot of interest in the auction process. There are lots of buyers for whom owning these businesses makes perfect sense,” the source said.

Chevron, operating under the Caltex brand in Pakistan, has more than 500 petrol outlets in the country.

Citigroup Inc is advising Chevron on the sale process, according to the sources.

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