CALIFORNIA, United States, – Chevron Corporation has agreed to sell its fuels marketing and aviation businesses in several Caribbean countries.
Chevron’s Texaco stations in Antigua, Barbados, Grenada, Dominica, St Lucia, St Vincent, Guyana, St Kitts, French Guiana, Martinique, Guadeloupe, Trinidad, Nicaragua, Costa Rica and Belize have been included in a deal with Vitogaz SA, a wholly-owned subsidiary of RUBIS, an international downstream petroleum company based in France.
“The transactions are expected to close in full by the third quarter 2011 following receipt of required local regulatory and government approvals,” said a statement issued by Chevron yesterday.
Under the terms of the agreement, RUBIS will acquire a network of 174 service stations operating under the Texaco brand, an equity interest in an associated refinery operation, proprietary and joint-venture terminals and aviation facilities, and Chevron's commercial and industrial fuels business.
"This sale is in line with our ongoing effort to concentrate downstream resources and capital on strategic global assets," said Mike Wirth, executive vice president, Downstream & Chemicals, Chevron.
"By restructuring our worldwide portfolio, we intend to reduce capital employed, deliver stronger returns and achieve more profitable growth."
Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide.
The California-based company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including bio-fuels.
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