The U.S. Federal Trade Commission (FTC) is allowing Chevron to purchase rival oil producer Hess Corporation for $53 billion but has banned it from appointing Hess CEO John Hess to its board of directors, citing concerns over his alleged communications with leaders of the oil cartel OPEC.
The commission voted 3–2 to accept a proposed consent agreement banning Chevron from nominating, designating, or appointing Hess to the Chevron board as a condition for the transaction to move forward, according to an Oct. 1 statement.
Under the consent order, Hess is also barred from serving in an advisory or consulting capacity to, or as a representative of, Chevron or the Chevron board, the agency said….