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 the Chevron board of directors, citing concerns over his alleged communications with leaders of the OPEC oil cartel.
The commission voted 3–2 to accept a proposed consent agreement banning Chevron from nominating, designating, or appointing Hess to its board as a condition for the transaction to move forward, according to an Oct. 1 statement.
