Chevron to sell Caribbean and Central America assets to Rubis of France
19 Nov 2010
US oil giant, Chevron yesterday said that it is selling its fuels marketing and aviation businesses in the Caribbean and Central America to Vitogaz SA, a wholly-owned subsidiary of French international downstream petroleum company Rubis.
The fuels marketing and aviation businesses are located in Antigua, Barbados, Grenada, Dominica, St. Lucia, St Vincent, Guyana, St. Kitts, French Guiana, Martinique, Guadeloupe, Trinidad, Nicaragua, Costa Rica and Belize.
San Ramon, California-based Chevron did not reveal the financial terms of the transaction.
Paris-based Rubis had this week bought a liquefied petroleum gas distribution unit from BP in Spain.
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 had said in March 2010 that it would sell certain operations in Europe, including the Pembroke refinery in the UK, the Caribbean and select Central America markets as part of restructuring of its global refining business. (See: Chevron to sell downstream assets, cut 2,000 jobs)
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