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Petronas Explores $3 Billion African Upstream Asset Sale

  • Malaysia state energy firm working with adviser to invite bids
  • Petronas evaluates geopolitical risk of its overseas business

Malaysian state oil company Petroliam Nasional Bhd. has started inviting bids for its upstream assets in Africa, which could fetch as much as $3 billion, people with knowledge of the matter said. 

Petronas is working with an adviser to gauge interest in the portfolio, which includes operations in Chad, according to the people, who asked not to be identified because the information is private.